Naira Strengthens by N70 as CBN Opens Forex Access

On February 12, the Nigerian Naira strengthened by N70, closing at N1,435 per dollar in the parallel market. This appreciation followed the Central Bank of Nigeria's (CBN) directive allowing Bureau de Change (BDC) operators access to the official foreign exchange market.

Previously, the Naira was sold at N1,500 per dollar a week prior. Analysts, including Aminu Gwadeb, president of the Association of Bureau de Change Operators, noted that this policy shift significantly boosts the retail foreign exchange segment.

The CBN's move aims to improve liquidity in the foreign exchange market and meet the legitimate needs of end users. Dr.

Musa Nakorji, director of the CBN's Trade Exchange Department, signed the circular that facilitates this access, which is part of broader monetary and external sector reforms. The CBN has mandated licensed BDCs to submit accurate electronic reports in compliance with existing regulations, reinforcing the formal foreign exchange supply chain.