In a shift from recent trends, the Nigerian naira experienced a marginal increase in value against the US dollar in the foreign exchange market on Tuesday. Data from FMDQ revealed that the naira rose to 1,551.24 per US dollar on Tuesday, up from the previous day’s rate of N1,574.62, marking a 1.5% gain equivalent to N23.38.
This marks the first increase since last Thursday when the naira traded at N1,498.25 per US dollar. However, in the parallel market, the naira fell to N1,740 on Tuesday from N1,660 per US dollar on Monday, indicating ongoing volatility.
The shift occurred following a crackdown on illegal Bureau De Change operators by the Economic and Financial Crime Commission (EFCC) in Wuse Zone 4, leading to the arrest of six individuals in Lagos for alleged involvement in currency racketeering and the commercial sale of new naira notes.
Recent weeks have seen the Central Bank of Nigeria implement multiple policies to address naira instability in the FX market. These include new guidelines preventing the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash. Additionally, the central bank halted international oil companies operating in Nigeria from repatriating 100% of their forex revenue.
The naira’s fluctuation against the dollar reflects ongoing challenges in Nigeria’s FX market, with regulatory efforts being made to stabilize the currency amid economic uncertainties.
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