The Naira appreciated against the dollar at the official foreign exchange market on Wednesday, coinciding with the first anniversary of President Bola Tinubu’s administration.
According to data from FMDQ, the Naira strengthened to N1329.65 per dollar on Wednesday, up from N1339.33 on Tuesday. This marks a gain of N9.68 against the dollar.
Similarly, in the parallel market, the Naira appreciated to N1480 per dollar on Wednesday, compared to N1500 recorded the previous day.
However, the current exchange rate is a significant decline from May 2023, when it stood at N460.702 per dollar. This change is attributed to the Naira floating policy implemented by the Tinubu administration in June 2023 and January 2024.
The appreciation comes as the Association of Bureaux De Change Operators in Nigeria has called on the Central Bank of Nigeria to review the minimum capital requirements for its members.
