Nigeria’s currency on Tuesday firmed by N1.00 to exchange with the dollar at N464 on the black market as the Bureau De Change (BDC) operators received over $50 million allocation from the Central Bank of Nigeria (CBN).

Over 5,000 BDC operators across the country received over $50 million from the CBN after funding their account on Monday.

The Apex bank sells $10,000 twice weekly to the BDC segment of the foreign exchange market. The Apex bank has sold over $300 million to BDC since September 7, 2020, when it resumed dollar sells to them.

Aminu Gwadabe, president, National Association of Bureau De Change Operators of Nigeria (ABCON) said the dollar disbursement by the CBN on Tuesday culminated to marginal naira rebounds in the market.

He said the rate closed from N464/$ to N462/$ in the parallel market while the BDCs regulated rate by CBN stood at N386/$ for their invisible transactions.

Related News

Gwadabe said the CBN is working on deepening liquidity in the market.

Investigation across Lagos streets where the parallel market operators transact business show that traders were selling dollars at N464 while they buy at between N461 and N463 from individual sellers.

The CBN last week changed the dollar purchase days for BDCs to Tuesday and Thursdays from Mondays and Wednesdays, Gwadabe, told BusinessDay.

At the Investors and Exporters (I&E) forex window, naira weakened by N0.25k as the market opened with an indicative rate of N386.50k on Tuesday as against N386.25k opened with on Monday, data from the FMDQ showed.

The daily forex turnover declined by 9.88 percent to $120.51 million on Tuesday from $133.73 million recorded on Monday at the I&E window.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp