The Naira showed some positive movement against the dollar in the foreign exchange market on Wednesday.
Data from FMDQ revealed that the Naira appreciated to N1329.65 compared to N1339.33 on Tuesday, marking a gain of N9.68 against the dollar. Similarly, in the parallel market, the Naira improved to N1480 per dollar on Wednesday from N1500 the previous day.
This improvement comes on the first anniversary of President Bola Tinubu in office. It is worth noting that the current exchange rate is significantly different from May 2023 when the Naira was trading at N460.702 per dollar. This change is attributed to the Naira being allowed to float by the Tinubu-led administration between June 2023 and January 2024.
In light of these developments, the Association of Bureaux De Change Operators in Nigeria has called on the Central Bank of Nigeria to reconsider the minimum capital requirements for its members. The Naira’s appreciation against the dollar is a positive sign for the foreign exchange market and reflects some stability in the currency’s value.
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