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The Naira further strengthened in the official market on Wednesday, trading at N1,510.72 per dollar.
Data from the FMDQ Security Exchange's official forex trading platform indicated that the local currency gained N11.96, marking a 0.78 percent increase compared to Tuesday's closing figure of N1,522.68 to the dollar.
The Investors and Exporters forex window on Wednesday, recorded a high of N1,514.00 and a low of N1,504.00. Since December 2024, the Naira has experienced relative stability against the US dollar, following significant reforms introduced by the Central Bank of Nigeria.
The apex bank implemented additional measures that further supported the local currency on Tuesday in Abuja.
The CBN granted waivers on the 2025 annual license renewal fee for all current bureau de change operators. Additionally, the CBN launched the Nigeria Foreign Exchange Code, aimed at enhancing ethical conduct within the banking sector.
This code, part of the CBN's ongoing reforms, seeks to improve market transparency and good governance in line with global best practices.
President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, in an interview on Wednesday, commended the CBN for the waivers provided to BDC operators.
Gwadabe urged for support and adherence to the CBN's ongoing reforms, which have led to sustained stability of the local currency.
He also praised the introduction of the FX code, designed to foster ethical behavior among market dealers. "It will tackle issues such as transaction opaqueness, rate wars among participants, and delays in submitting returns on spot transactions," Gwadabe stated.
