The Naira further appreciated at the official market on Wednesday, trading at N1,510.72 to the Dollar.
Data from the FMDQ Securities Exchange official forex trading platform revealed that the local currency gained N11.96, representing a 0.78 per cent increase compared to Tuesday’s closing figure of N1,522.68 to the Dollar.
On the Investors and Exporters (I&E) Forex window on Wednesday, trading recorded a high of N1,514.00 and a low of N1,504.00.
Since December 2024, the Naira has experienced relative stability against the US Dollar, following the introduction of sweeping reforms by the Central Bank of Nigeria (CBN).
On Tuesday, the apex bank announced additional measures in Abuja, further strengthening the local currency.
The News Agency of Nigeria (NAN) reports that the CBN approved waivers on the 2025 annual license renewal fee for all existing Bureau De Change (BDC) operators.
Additionally, the CBN unveiled the Nigeria Foreign Exchange (FX) Code, aimed at promoting ethical conduct and sanitising the banking industry.
This code, part of the CBN’s ongoing reforms, seeks to enhance transparency and good governance in line with global best practices.
Dr Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), praised the CBN for the waiver during an interview with NAN on Wednesday.
Gwadabe urged support and compliance with the CBN’s ongoing reforms, which have contributed to the sustained stability of the local currency.
He also welcomed the introduction of the Nigeria Foreign Exchange (FX) Code, which is designed to foster ethical practices among market participants.
“It will address issues such as opaqueness in transactions, rate wars among participants, and delays in submitting returns on spot transactions,” Gwadabe stated.
