Business
Naira Gains in Parallel Market as CBN Cracks Down on FX Speculators
The Nigerian Naira appreciated against the US dollar in the parallel market on Wednesday, following recent warnings from the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, about tackling manipulation in the foreign exchange market.
A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, confirmed that the Naira traded at N1,560 per dollar, an improvement from N1,570 on Tuesday and Monday. This marks a ₦10 gain within a day.
However, in contrast, the official exchange rate saw a slight depreciation. According to data from the CBN, the Naira weakened to ₦1,537.62 per dollar on Wednesday, compared to ₦1,532.39 on Tuesday, reflecting a ₦5.23 drop in value.
This movement in the currency markets follows Cardoso’s recent commitment to cracking down on illicit activities in the forex sector. The CBN governor has reiterated his determination to stabilize the Naira by eliminating bad actors contributing to market volatility.
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