The Dollar to Naira exchange rate in the black market rose to N1,550 per Dollar on Tuesday, 24th December from N1,570 per Dollar it closed on Monday, 23rd December 2024.
Operators via AbokiFX are buying the Dollar for as low as N1,590 and as high as N1,650.
The rate at the official market closed at N1,539 per Dollar as of December 23 according to quotes on the FMDQ Securities Limited website.
The Naira has been trending upward since the Central Bank of Nigeria (CBN)-backed Electronic Foreign Exchange Matching System (EFEMS), which set new guidelines for authorised Foreign Exchange (FX) dealers earlier this month.
To further alleviate pressure on the official market, the apex bank granted Bureaux de Change (BDC) operators temporary access to the Nigerian Foreign Exchange Market (NAFEM), which is the official market, as part of efforts to further strengthen the Naira in the currency market.
The CBN in a notice on Friday said BDC operators would have access to FX at the official market from December 19, 2024, to January 30, 2025, with a weekly cap of $25,000.
Transactions require upfront funding at prevailing rates and must follow a maximum of 1 per cent spread.
In response to the move, the Association of Bureau De Change Operators of Nigeria (ABCON) commended the CBN for lifting the suspension of sales of interbank foreign exchange to its members nationwide.
The group said the move will help the value of the local currency in the near term.
“This development is a testament to the CBN’s recognition of our third-level roles in the foreign exchange market architecture,” ABCON President, Dr Aminu Gwadabe said.
