Exchange Rate: Naira returns to appreciation against dollar

Bright Olorungbotemi May 24, 2024 in Local News Tagged dollar, Naira - 1 Minute

Voice Air Media, VAM News Update

THE naira ended the week by appreciating marginally against the dollar at the official foreign exchange market.

FMDQ data showed that the naira appreciated to N1482.81 per dollar on Friday from N 1485.66 on Thursday.

This represents a slight N2.85 appreciation compared to the N1485.66 per dollar traded on Thursday.

Meanwhile, the naira depreciated to N1510 per dollar on Friday at the parallel market from N1460.

In the last week, the naira recorded one depreciation in official and parallel markets on Thursday.

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The development comes a day after the Central Bank of Nigeria released fresh guidelines, ordering all Bureau De Change operators in the country to re-apply for licences.

However, the president of the Association of Bureaux De Change of Nigeria, ABCON, asked the apex bank to review the minimum capital requirements for its members.

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