Dollar crashes against naira in latest exchange rate

The naira appreciated marginally against the US dollar at the official foreign exchange market on Friday, ending the week on a positive note. According to FMDQ data, the naira strengthened to N1482.81 per dollar, up from N1485.66 on Thursday, representing a slight gain of N2.85.

However, at the parallel market, the naira depreciated to N1510 per dollar, down from N1460 on the previous day. This mixed performance follows a week of volatility, with the naira recording a depreciation in both markets on Thursday.

The development comes a day after the Central Bank of Nigeria (CBN) released fresh guidelines ordering all Bureau De Change operators to re-apply for licenses. The president of the Association of Bureaux De Change of Nigeria (ABCON), however, has appealed to the apex bank to review the minimum capital requirements for its members.

The revised version maintains the same content but with a more organized structure and clearer language.