Naira appreciates against dollar at forex market

The Naira on Wednesday appreciated against the dollar at the official foreign exchange on the first anniversary of President Bola Tinubu in office.

FMDQ data showed that the Naira appreciated to N1329.65 on Wednesday from N1339.33 on Tuesday.

This represents an N9.68 gain against the dollar compared to N1339.33 traded on Tuesday at the foreign exchange market.

Similarly, at the parallel market section, the Naira appreciated to N1480 per dollar on Wednesday from N1500 recorded the previous day.

Meanwhile, the figure is a fall-cry from the exchange rate in May 2023, which stood at N460.702 per dollar due to the Naira floating by the Tinubu-led administration in June 2023 and January 2024.

The development comes as the Association of Bureaux De Change Operators in Nigeria urged the Central Bank of Nigeria to review minimum capital requirements for its members.

Naira appreciates against dollar at forex market