The Dollar to Naira exchange rate in the black market fell to N1,640 per Dollar on Friday, 27th December from N1,590 per Dollar it closed on Thursday, 26th December 2024.
Operators via AbokiFX are buying the Dollar for as low as N1,600 and as high as N1,650.
The rate at the official market closed at N1,540 per Dollar as of December 24 according to quotes on the FMDQ Securities Limited website.
The pressure on the Naira returns as December activities wind down and the influx of FX from foreigners in the country is reducing, with more demand for the Dollar increasing now.
The Naira for most of December trended upward since the Central Bank of Nigeria (CBN)-backed Electronic Foreign Exchange Matching System (EFEMS) launched on December 2.
The platform which set new guidelines for authorised Foreign Exchange (FX) dealers made it harder to sell at inflated rates to avoid CBN’s punishment.
Last week, 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.
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 as transactions require upfront funding at prevailing rates and must follow a maximum of 1 per cent spread.