The Naira held steady against the dollar in the official foreign exchange market.
According to FMDQ data released on Wednesday, the Naira was traded at N1,507.83 against the Dollar, showing a minor variation compared to N1,507.79 traded on Tuesday. This indicates a slight N0.04 difference from the previous rate of N1,507.79 per Dollar.
Meanwhile, in the parallel market segment, the Naira retained its exchange rate of N1505 per Dollar on Wednesday, unchanged from the previous day.

“We sell at N1,505 per dollar and buy at N1,495,” Dayyabu Ashiru, a Bureau de Change operator in Wuse Zone 4 said on Wednesday.

The Governor of the Central Bank of Nigeria recently spoke to Bloomberg Television and mentioned that the reforms implemented by the apex bank had led to a $24 billion influx into the country in the first quarter of 2024.

CBN issued a new directive on Tuesday, allowing International Money Transfer Operators and all banks to disburse diaspora remittances in Naira.