The Nigerian currency, the naira, continues to perform strongly in foreign exchange markets, following the newly introduced electronic forex trading framework by the Central Bank of Nigeria (CBN).
According to CBN’s exchange rate portal data, the dollar crashed to N1,567 in the Nigerian Foreign Exchange Market (NFEM) window on Thursday, November 5.
Thursday’s exchange rate represents a 2.5% or N41 appreciation for the naira compared to N1,608 quoted on Wednesday, December 4.
The improved forex supply aided the performance of the naira in the foreign exchange markets.
FMDQ reported that authorised forex dealers carried out $286.33 million transactions on Thursday.
It was the same story for the naira in the black market, as BDC traders who spoke to TimesNow.com.ng said the dollar has crashed significantly.
BDC trader Abudulahhi said:
Earlier, TimesNow.com.ng reported that to strengthen the governance and transparency of Nigeria’s forex market, the CBN introduced revised guidelines for the NFEM.
Under the new framework, authorised dealers are required to facilitate FX transactions for businesses and individuals, ensuring adherence to regulations.
The CBN also tasked these dealers with conducting their due diligence, providing transparent pricing, and offering market access through digital solutions.
Source: TimesNow.com.ng
