The Naira has appreciated versus the dollar on the parallel foreign currency market as the Central Bank of Nigeria implements reforms.
Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4 Abuja, informed that the naira was trading at N1590 per dollar on Wednesday, up from N1,600 on Tuesday.
This indicated that the Naira increased by N10 versus the dollar on Wednesday, compared to the N1,600 exchange rate the previous day.
Meanwhile, the official rate fell marginally to N1499.76 per dollar on Wednesday, from N1,498.95 on Tuesday.
on recent days, the Naira has made a remarkable run against the dollar on the parallel FX market.
Remember that on Tuesday, the Naira rose by N10 versus the dollar on the black market.
The Naira’s rise in the FX market is being driven by the Central Bank of Nigeria’s Foreign Exchange Code, which was introduced last week to increase forex transparency.
Also, the apex bank recently extended FX sales to BDC operators till the end of May 2025.
This comes as US President Donald Trump launches a trade war with China, Mexico, and other countries in the previous few days.
Remember that the Trump administration put a 10% tariff on selected Chinese products.
China responded with a 15% tariff on coal and liquefied natural gas from the United States.