Naira further gains against Dollar at official market

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The Naira further appreciated at the official market on Wednesday, trading at N1,510.72 to a Dollar.

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Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N11.96.

This represented a 0.78 per cent gain, compared to the trading figure on Tuesday, when the Naira closed trading at N1,522.68 to the Dollar.

Trading on the Investors and Exporters (I&E) Forex window on Wednesday, the Naira recorded a high of N1,514.00 and a low of N1,504.00.

The Naira has enjoyed relative stability against the US dollar since December 2024, when the Central Bank of Nigeria’s (CBN) introduced sweeping reforms.

The apex bank on Tuesday in Abuja, introduced more measures, leading to additional health for the local currency.

The News Agency of Nigeria (NAN) reports that the apex bank approved waivers on the 2025 annual license renewal fee for all existing Bureau De Change (BDC) operators.

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CBN also unveiled the Nigeria Foreign Exchange (FX) Code, aimed at sanitising the banking industry to promote ethical conduct.

The code, which is part of CBN’s ongoing reforms, is to sanitise the market to drive transparency and good governance, in line with global best practices.

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Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), in an interview with NAN on Wednesday, praised CBN for the waiver for his members.

Mr Gwadabe called for support and compliance to CBN’s ongoing reforms, resulting in sustained stability of the local currency.

He also appreciated the CBN’s unveiling of the Nigeria Foreign Exchange (FX) Code, designed to promote ethical conduct among dealers in the market.

“It will address issues such as opaqueness in transactions, rate wars among participants, and lateness in submitting returns on spot transactions,” Mr Gwadabe said.
(NAN)