The Naira value Increased to N1,630 per dollar in the parallel market yesterday, up from N1,640 on Tuesday.
On the official foreign exchange market, the value of the Naira also increased, reaching N1,507 to the dollar.
According to data released by the Central Bank of Nigeria (CBN), the value of the naira appreciates by N12.7 as the exchange rate for the Nigerian Foreign Exchange Market (NFEM) dropped from N1,520 to N1,507.3 per dollar on Tuesday.
The difference between the NFEM rate and the parallel market therefore increased from N120 per dollar on Tuesday to N122.7 per dollar.
To reduce the misuse of the nation’s forex market by BDCs and the financial services sector, the CBN has strengthened its foreign exchange restrictions.
The CBN froze BDC operators’ license renewals last year until they fulfilled a new N2 billion or N500 million capital requirement for a “Tier 1” or “Tier 2” BDC license.
The bank instructed BDCs that paid for the 2025 license renewal on Monday to request a return to the account that made the payment.
The CBN remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework, according to the apex bank.
Additionally, the bank issued a Foreign Exchange (FX) Code that is applicable to all authorized dealers regulated by the CBN under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the CBN Act 2007.
According to the new code, by January 31, 2025, all market players must self-evaluate and report to the CBN on their level of FX Code compliance.
“All market participants will thereafter be required to submit to CBN a detailed compliance implementation plan that is approved and signed by its Board along with the extracts of the Board meeting,” the bank stated.