Data from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official market, the naira closed against the dollar at N1329.65/$ on Wednesday, May 29, 2024.
Wednesday’s rate is a 155.77 depreciation for the naira against the US dollar when compared to exchange rate of N1,173.88 per dollar achieved on Tuesday, May 28.
FMDQ data shows that $336.54 million worth of forex transactions were exchanged between participants, which include banks and companies on Wednesday.
It was a different story for the naira against the british pound, and the euro in the official market.
CBN data showed that in the official market, the Nigerian currency improved its value against the pound sterling by N119.85 to sell for N1,764.43/£1 compared with Tuesday’s rate of N1,884.28/£1.
It was a similar story for the naira against the euro, as it appreciated by N106.73 to settle at N1500.57/€1, compared to the previous rate of N1,607.31/€1.
On Wednesday, the naira received more good news in the black market, as BDC traders traded at N1,480, compared to the previous rate of N1,510.
TimesNow.com.ng previously reported that the CBN banned street trading of foreign currencies by Bureau de Change (BDC) operators, citing the need to regulate the foreign exchange market properly.
CBN’s director of risk management, Blaise Ijebor, said street trading of foreign currencies is not allowed as the apex bank does not want BDCs under trees.
He said the traders should be in offices where customers can come in and change their currencies.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
