Naira Strengthens Further as BDC Operators Decry Dollar Scarcity

The naira extended its upward momentum against the US dollar on Tuesday, gaining strength at the official foreign exchange market even as Bureau De Change (BDC) operators lamented limited access to foreign exchange.

According to data from the Central Bank of Nigeria (CBN), the naira appreciated to ₦1,448.20 per dollar on Tuesday, improving from ₦1,452.79 recorded on Monday. This represents a ₦4.59 day-to-day gain for the local currency.

In contrast, the parallel market remained unchanged, with the naira trading at ₦1,485 per dollar, the same rate as the previous day.

The appreciation comes amid rising concerns among BDC operators, who say they continue to face difficulties accessing dollars despite an increase in Nigeria’s external reserves. The Association of Bureaux De Change Operators of Nigeria (ABCON) highlighted the challenges in meeting market demand, noting that the CBN’s data shows external reserves climbed to $42.86 billion as of October 22, 2025.

Analysts suggest that while the naira’s appreciation reflects improving liquidity at the official window, the sustained dollar shortage in the retail segment could pose challenges to exchange rate stability in the coming weeks.