On Thursday, the Naira strengthened in the official market, trading at N1,566.82 per dollar. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated that the Naira appreciated by N14.83. This reflects a 0.937 percent increase compared to Wednesday’s rate of N1,581.65 per dollar.
The daily turnover also saw a significant rise, reaching 273.14 million dollars on Thursday, up from 108.16 million dollars recorded the previous day.
At the Investor’s and Exporter’s (I&E) window, the Naira fluctuated between N1,650.00 and N1,500.00 against the dollar.
Pathwaynews reports that the Central Bank of Nigeria (CBN) has instructed Bureau De Change (BDC) operators to maintain a maximum profit margin of 1.5 percent on forex sales. This measure aims to correct market distortions and normalize the foreign exchange market through ongoing reforms.
The CBN noted that persistent distortions in the retail market were causing significant disparities in exchange rates, particularly in the parallel market. Under the new directive, each BDC can purchase 20,000 dollars at N1,450 per dollar, reflecting the lower band of the trading rate observed in the previous NAFEM session. BDCs are allowed to sell to eligible end-users at a profit margin not exceeding 1.5 percent above the CBN rate.
