On Thursday, the naira strengthened in the official market, trading at N1,566.82 to the dollar.

On Thursday, the naira appreciated in the official market, trading at N1,566.82 to the dollar. According to data from the official trading platform of the FMDQ Exchange, which supervises the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira gained N14.83. This represents a 0.937 percent increase compared to the previous trading date on Wednesday when it was valued at N1,581.65 to the dollar.

In contrast, the daily turnover rose to $273.14 million on Thursday, up from $108.16 million recorded on Wednesday. At the Investor’s and Exporter’s (I&E) window, the naira traded between N1,650.00 and N1,500.00 against the dollar.

The Central Bank of Nigeria (CBN) has instructed bureau de change (BDC) operators to sell foreign exchange at a maximum profit margin of 1.5 percent in an effort to correct market distortions. This directive is part of ongoing reforms aimed at normalizing the foreign exchange market. The CBN noted that persistent distortions in the retail market have contributed to exchange rate disparities, particularly in the parallel market.

Under this new directive, each BDC is authorized to purchase $20,000 at N1,450 per dollar, reflecting the lower end of the trading rate observed in the previous session at NAFEM. All BDCs are permitted to sell to eligible end-users with a profit margin not exceeding 1.5 percent above the rate set by the CBN.