The Naira gained ground in the parallel market, appreciating to ₦1,060 per dollar from ₦1,105 previously. However, the Nigerian Foreign Exchange Market (NAFEM) witnessed a contrasting trend, with the Naira depreciating to ₦1,154.08 per dollar.
NAFEM data from FMDQ indicates a surge in the indicative exchange rate from ₦1,072.74 to ₦1,154.08 per dollar, a depreciation of ₦81.34. This has widened the gap between parallel market and NAFEM rates to ₦94.08 per dollar, compared to ₦32.26 on Wednesday.
CBN Denies FX Sale to BDCs
The Central Bank of Nigeria (CBN) has denied allegations that it is selling Foreign Exchange (FX) to Bureau De Change (BDC) operators at a rate of N1,001/$1. The CBN clarified that the purported announcement is false and that BDCs are required to sell FX to eligible end users with a margin of not more than 1.5 percent above the buying cost.
The CBN advises Nigerians to seek accurate information from its official website for credible updates.
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