Data from the Central Bank of Nigeria (CBN) reveals that in the Nigerian Foreign Exchange Market (NFEM), the Naira climbed as high as N1,497.4100 per dollar.
This represents a sharp decline in the value of the local currency compared to Monday, when it exchanged at N1,488.99 per dollar, signifying a loss of N9.
Conversely, in the parallel market, the Naira maintained a lower exchange rate against the dollar. Black market traders exchanged one dollar for N1,600, up from N1,610 on Monday.
This development follows the Central Bank of Nigeria’s announcement on Monday, extending FX sales to Bureau de Change (BDC) operators until the end of May 2025.
Gada