Naira Continues Upward Trend Against Dollar For Fourth Day Following New CBN Directive To BDC Operators

Naira Continues Upward Trend Against Dollar For Fourth Day Following New CBN Directive To BDC Operators....KINDLY READ THE FULL STORY HERE▶

The Nigerian Naira has continued its upward trajectory against the US Dollar, marking its fourth consecutive day of gains in the foreign exchange market. According to the latest data from FMDQ Securities Exchange, the Naira appreciated to ₦1462.59 per Dollar on Wednesday from ₦1465.68 on Tuesday, reflecting a gain of ₦3.09.

Naija News reports that this sustained appreciation comes amid recent fluctuations, signaling a positive turn for the Nigerian economy, which has experienced varied currency performances over the past months.

The Naira has maintained a steady rate of ₦1450 per Dollar in the parallel market, indicating stability across different trading platforms.

During the 295th Monetary Policy Committee (MPC) meeting, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, attributed the Naira’s recent movements in the forex market to a seasonal hike in demand. “Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand fluctuations. This reflects the natural interplay between demand and supply dynamics in a freely functioning market system,” Cardoso explained.

In a strategic move to regulate and strengthen the forex market, the CBN issued a fresh guideline on Wednesday, requiring all Bureau De Change (BDC) operators to reapply for licenses. This directive is part of broader efforts to ensure compliance and streamline operations within the sector, aiming to curb irregularities and enhance transparency in forex transactions.

Economic analysts view the Naira’s consecutive appreciation as a positive development that could boost investor confidence and stabilize the economic environment

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