The naira strengthened against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend.

The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday, Techeconomy can report.

Recall that the Central Bank of Nigeria (CBN), last week resumed the sales of dollars to Bureau De Change operators (BDCs).

According to the circular referenced TEM/FEM/PUB/001/013 signed by Dr. Hassan Mahmud, the CBN’S Director of Trade and Exchange Department and uploaded on its website on Tuesday 23, April, 2024.

The apex bank then said it would sell $10,000 to BDCs at N1,021 per dollar and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

Earlier, the apex bank sold $10,000 to BDCs at a rate of N1101/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.

The current rate is 7.27 per cent less than the previous price. This current release is hoped to further strengthen the local currency.

EFCC Arrests Alleged Currency Speculators

Similarly, operatives of the Economic and Financial Crimes Commission (EFCC) attached to the Taskforce on Currency mutilation, Dollarization of the Economy and Forex Malpractice, have arrested 34 alleged currency speculators for alleged foreign exchange fraud.

According to a statement put up on its verified X handle, the alleged currency speculators were arrested on Friday, April 26, 2024 in a sting operation following credible intelligence about illegal sales of dollars at the Wuse Zone 4 area of the Federal Capital Territory Abuja.

“Their arrest came on the heels of the EFCC’s consistent efforts to sanitise and stabilise the foreign exchange market.

“They will soon be arraigned in court upon conclusion of investigations”, EFCC said.