The naira strengthened to N1,650 per dollar at the parallel foreign exchange market on Monday, marking a 6.78% appreciation from the previous rate of N1,770/$ on February 23, 2024. Bureau De Change operators in Lagos quoted buying and selling prices at N1,650 and N1,600 respectively, reflecting a profit margin of N50. Despite this positive trend, traders like Aliyu cautioned that scarcity might still drive rates higher.
Meanwhile, at the official window overseen by FMDQ Exchange, the naira appreciated by 4.96%, closing at N1,582.94/$ on Monday, compared to N1,665.5/$ on February 23. This resulted in a reduced disparity of N67.06 between the parallel and official markets, down from N104.5.
These developments follow the recent release of new guidelines by the Central Bank of Nigeria (CBN) for Bureau De Change (BDC) operators. Among the directives, sellers of $10,000 and above to BDC operators must declare the source of the forex, with imposed limits on foreign exchange sales.