Forex Update: Nigerian Naira Strengthens, Registers N80 Gain Against Dollar

In a turn of events, the Nigerian naira strengthened against the US dollar in the informal market following a period of decline. Mistila Dayyabu, a Bureau De Change operator, disclosed to DAILY POST during an interview on Saturday that the naira climbed to N1,300 per dollar from its previous rate of N1,380 on Friday morning.

Dayyabu stated, “We are purchasing at N1,290 and selling at N1,300 on Saturday evening, primarily due to heightened demand concerns.”

This surge marks an N80 gain against the dollar within a single day. However, official market data from FMDQ revealed that the naira closed at N1,339.23 per dollar on Friday.

Despite the Central Bank of Nigeria’s efforts, which included releasing an additional $10,000 to eligible Bureau De Change Operators at N1,021 per dollar, the naira experienced consecutive losses over the past week.

In response, the Association of Bureau De Change Operators of Nigeria (ABCON) disclosed plans to streamline a unified retail segment within the foreign currency market to bolster the naira’s stability against the dollar.

Moreover, the Economic and Financial Crimes Commission (EFCC) recently apprehended 34 individuals suspected of engaging in currency speculation and alleged foreign exchange fraud, underscoring the ongoing challenges faced in the forex market.

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