The Nigerian currency, the naira, has shown signs of strength against the US dollar in recent days, both in official and parallel foreign exchange markets. According to data from FMDQ, the naira was valued at N1,278.58 per USD on Tuesday, marking a significant improvement from N1,309.39 last Thursday.
This positive trend continued at the parallel market, where the naira closed at N1,238.3 per USD. Bureau De Change operators were buying at N1,220 per dollar and selling to customers at N1,265 per USD, indicating a 1.99% appreciation compared to the previous week’s rate of N1,280.
Aminu Gwadabe, the President of the Association of Bureaux de Change Operators of Nigeria, noted that the naira has strengthened by N660 against the US dollar since the Central Bank of Nigeria Governor, Olayemi Cardoso, reintroduced BDC operators into the foreign exchange market.
This positive development reflects a growing confidence in the Nigerian economy and the efforts of the central bank to stabilize the currency. As the naira continues to appreciate, it is a promising sign for investors and businesses operating in Nigeria.
