Naira Records Gain Against US dollar

The Nigerian naira saw a slight appreciation against the US dollar in the official foreign exchange market as the week drew to a close.

According to data from FMDQ, the naira strengthened to N1482.81 per dollar on Friday, up from N1485.66 the previous day, marking a modest increase of N2.85.

On the parallel market, however, the naira experienced a depreciation, falling to N1510 per dollar on Friday compared to N1460 previously.

Notably, the past week witnessed a single depreciation for the naira in both the official and parallel markets on Thursday.

These developments coincide with the release of new guidelines by the Central Bank of Nigeria, which mandated all Bureau De Change operators to re-apply for licenses. In response, the president of the Association of Bureaux De Change of Nigeria (ABCON) called for a review of the minimum capital requirements for its members.