Naira Appreciates Against Dollar At Official, Black Markets

Nigerian naira recorded appreciation at both official and parallel segments of the foreign exchange market on Wednesday.

At the official market, data published on the Central Bank of Nigeria website show that trading closed at N1,553 per dollar. This is marginal gain of N2 when compared to Tuesday’s closing rate of N1,555 per dollar.   According to the CBN data, while the Nigeria Foreign Exchange Market (NFEM) rate was N1,551.91 per dollar, the highest rate was quoted at N1,565 while the lowest rate was N1,550 per dollar.

At the parallel market, also known as black market, the naira recorded significant appreciation as the exchange rate dropped to N1, 660 on Wednesday from N1, 675 it exchanged for one dollar the previous day. This is N15 gain or 0.89 per cent.

The naira has continued to experience volatility in the foreign exchange market prompting the monetary authority a raft of measures to achieve stability.

On Wednesday, the Central Bank of Nigeria (CBN), announced that it has approved the release of FX code, aimed at fostering ethical conduct and transparency within the country’s foreign exchange market.

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According to the apex bank, the Code, which will serve as a vital guideline for the banking industry, is designed to ensure that authorised dealers uphold the highest standards of professionalism and integrity when conducting FX transactions.

It said that the formal launch of the FX Code will take place on Tuesday, 28 January 2025, at the CBN Head Office Auditorium in Abuja.