Naira Surges Against US Dollar, Records Significant Gain

The Nigerian naira displayed mixed movements against the US dollar as the week neared its end.

Official data from FMDQ revealed a slight strengthening of the naira to N1482.81 per dollar on Friday, showing a modest increase of N2.85 from the previous day’s rate of N1485.66.

Conversely, the parallel market witnessed a depreciation of the naira, with the exchange rate dropping to N1510 per dollar on Friday, compared to N1460 previously.

It’s noteworthy that both the official and parallel markets experienced a single depreciation for the naira on Thursday, adding to the fluctuations observed throughout the week.

These developments coincide with the Central Bank of Nigeria’s issuance of new guidelines, which necessitated all Bureau De Change operators to undergo re-application for licenses. In response, the president of the Association of Bureaux De Change of Nigeria (ABCON) has advocated for a review of the minimum capital requirements for its members.