In an impressive turn of events, the Naira has gained ground against the Dollar in the parallel foreign exchange market, marking a significant shift in the week’s trading patterns.
On Thursday, the Naira achieved its largest gain against the Dollar at the black market level, witnessing a week-on-week surge that caught the attention of traders and investors alike.
A Bureau de Change operator in Wuse Zone, Abuja, reported that the Naira strengthened to N1570 per Dollar on Thursday, a notable increase from the N1590 per Dollar traded the previous day. This translates to a remarkable gain of N20 within just one day—the highest appreciation recorded since the start of the week.
In contrast, the official market painted a different picture, as the Naira slipped to N1,500.41 per Dollar on Thursday, down from N1,499.76 the day before.
In summary, Thursday’s trading across foreign exchange markets saw the Naira rise by 20 at the black market while experiencing a drop of N0.89 in the official market.
This fluctuation comes on the heels of the Central Bank of Nigeria’s latest move to enhance oversight on Bureau de Change operators across the nation. The apex bank’s Trade and Exchange Department has imposed a new cap, limiting weekly foreign exchange sales to BDC operators to $25,000.
