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The naira continued its upward trend on Wednesday, appreciating by 0.78% to trade at N1,510.72 to a dollar at the official market. This gain represented an increase of N11.96, compared to Tuesday’s closing rate of N1,522.68 to the dollar.

On the Investors and Exporters (I&E) Forex window, the naira traded between a high of N1,514.00 and a low of N1,504.00 on Wednesday. The local currency has enjoyed relative stability against the US dollar since December 2024, following the introduction of sustained sweeping reforms by the Central Bank of Nigeria (CBN).

The CBN introduced additional measures on Tuesday, including approving waivers on the 2025 annual license renewal fee for all existing Bureau De Change (BDC) operators. The apex bank also unveiled the Nigeria Foreign Exchange (FX) Code, aimed at promoting ethical conduct and transparency in the banking industry.

Dr. Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), praised the CBN for the waiver, saying it would benefit his members. Gwadabe called for support and compliance with the CBN’s ongoing reforms, emphasizing the need for sustained stability of the local currency.

He also commended the CBN’s unveiling of the Nigeria Foreign Exchange (FX) Code, designed to promote ethical conduct among dealers in the market. “It will address issues such as opaqueness in transactions, rate wars among participants, and lateness in submitting returns on spot transactions,” Gwadabe said.

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