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NAIRA APPRECIATION
The naira ended the week on a strong note, appreciating to N1,579/$1 on Friday, May 23, 2025, at the official foreign exchange market.
The Bureau De Change (BDC) operators have attributed the recent strong performance of the naira to the implementation of the Central Bank of Nigeria (CBN) policy which allows authorized dealers to sell foreign exchange directly to these licensed currency traders.
The Association of Bureau De Change Operators of Nigeria (ABCON) said that as of Tuesday, the Bureau De Change (BDC) operators were buying dollars at N980/$ at the open market and selling at N1,020/$.
The Federal Competition and Consumer Protection Commission (FCCPC) has ordered its officials to monitor and enforce fair pricing practices both in formal and informal markets in Nigeria amid the rising cost of living.
Foreign exchange traders in Nigeria's currency black market, who have engaged in aggressive 'stocking' of dollars at a...