The Naira further appreciated at the official market on Wednesday, trading at N1,510.72 to a dollar.

Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N11.96.

This represented a 0.78 per cent gain compared to the trading figure on Tuesday when the Naira closed trading at N1,522.68 to the Dollar.

On Wednesday, trading on the Investors and Exporters forex window recorded a high of N1,514.00 and a low of N1,504.00.

The Naira has enjoyed relative stability against the US dollar since December 2024, when the Central Bank of Nigeria introduced sweeping reforms.

On Tuesday in Abuja, the apex bank introduced more measures, leading to additional health for the local currency.

The CBN approved waivers on the 2025 annual license renewal fee for all existing bureau de change operators.

CBN also unveiled the Nigeria Foreign Exchange Code, which is aimed at sanitising the banking industry to promote ethical conduct.

The code, part of CBN’s ongoing reforms, aims to sanitise the market to drive transparency and good governance, which is in line with global best practices.

In an interview on Wednesday, Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria, praised CBN for the waiver granted to BDC operators.

Gwadabe called for support and compliance with CBN’s ongoing reforms, resulting in sustained local currency stability.

He also hailed CBN’s unveiling of the FX code, which was designed to promote ethical conduct among dealers in the market.

“It will address issues such as opaqueness in transactions, rate wars among participants, and lateness in submitting returns on spot transactions,” Mr Gwadabe said.

(NAN)