Amid the Central Bank of Nigeria’s reforms, the value of the Naira has increased in relation to the dollar on the parallel foreign currency market.
A Bureau de Change operator at Wuse Zone 4 Abuja, Abubakar Alhasan, told DAILY POST that the naira was traded at N1590 per dollar on Wednesday from N1,600 exchanged on Tuesday.
This showed that the Naira gained N10 against the dollar on Wednesday compared to the N1,600 exchange rate the previous day.
Meanwhile, the official rate dropped slightly to N1499.76 per dollar on Wednesday from N1,498.95 traded on Tuesday.
DAILY POST reports that in the past days, the Naira has recorded an impressive run against the dollar in the parallel FX market.
Recall that on Tuesday, the Naira strengthened by N10 against the dollar at the black market.
Naira appreciation at the FX market is driven by the Central Bank of Nigeria’s Foreign Exchange Code unveiled last week to boost FX transparency.
Also, the apex bank recently extended FX sales to BDC operators to the end of May 2025.
This comes as the United States of America President, Donald Trump, kicks off a trade war with China, Mexico, and other countries in the last days.
Recall that the Trump-led US imposed a 10 percent tariff on selected imports from China.
China retaliated with a 15 percent tariff on coal and liquefied natural gas from the US.
Written By Ogaga Ariemu