Naira appreciates against US Dollar at forex market


 

The Naira appreciated against the US dollar at the parallel foreign exchange market during the weekend.

 

It was gathered that the country’s currency exchanged at 1,500 and 1,698 per USD on Saturday and Sunday, respectively, from N1,800 on Friday.

 

The gain on Sunday represents a N300 or 16.6 per cent gain against the USD at the unofficial market.

 

The development comes amid CBN’s fresh regulatory draft against Bureau De Change operators, including banning street trading and a new minimum per capital share for registration.

 

Recall that the Economic and Financial Crimes Commission had continued its clampdown on Bureau De Change Operators in Abuja and other major cities in an effort to stabilize the currency.

 

However, the Chief Executive Officer of the Financial Derivatives Company, Bismarck Rewane, had told President Bola Ahmed Tinubu to stop chasing shadows with its EFCC raid on BDC operators.

 

The Presidential Candidate of the Labour Party at the 2023 general elections, Peter Obi, also faulted the EFCC raid on BDCs over the Naira crisis.

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