In a notable development, the Nigerian Naira has appreciated against the U.S. dollar, trading at N1329.65 at the official foreign exchange market. This marks an N9.68 gain compared to the N1339.33 rate recorded on Tuesday.
Similarly, the Naira saw an appreciation in the parallel market, strengthening to N1480 per dollar on Wednesday from the previous day’s rate of N1500.
Despite these gains, the Naira’s current value is still significantly lower than its exchange rate in May 2023, when it stood at N460.702 per dollar. This decline followed the decision by the Tinubu-led administration to float the Naira in June 2023 and January 2024, leading to significant volatility.
In related news, the Association of Bureaux De Change Operators in Nigeria has called on the Central Bank of Nigeria to review the minimum capital requirements for its members, in an effort to stabilize the market and support further gains for the Naira.
