The naira appreciated significantly against the dollar at
the parallel foreign exchange market on Wednesday.
Abubakar Alhassan, a Bureau De Change operator at Wuse Zone
4, revealed that the naira strengthened to N1700 against the dollar on
Wednesday from the N1730 exchange on Tuesday.
He said: “We sell at N1,700 and buy at N1,690 on Wednesday
compared to the N1,730 per dollar exchange rate on Tuesday. In the past two
days, the naira has been appreciating.”
This represents a N30 gain compared to N1,730 traded on
Tuesday.
Meanwhile, FMDQ data has remained unchanged at N1672.69 per
dollar, the same rate quoted since Thursday, 29 November 2024.
This comes as, at the end of November 2024, fresh FX
policies were announced.
Recall that the Central Bank of Nigeria recently directed
banks to transition to the Bloomberg BMatch system for FX trading from December
2, 2024.
The development comes at the time the apex bank set a
minimum FX trading limit at $100,000 from $50,000.
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