Nigeria Currency Traders Celebrate as Naira Makes Impressive Jump to N1,500/$

The Nigerian Naira continues its upward trend in the parallel foreign exchange (FX) market, reaching N1,500/$ on Wednesday.

This remarkable 9.09% gain from the N1,650/$ recorded just two days earlier has caught the attention of currency traders, with bureau de change (BDC) operators quoting buying rates at N1,450 and selling prices at N1,500.

Governor Olayemi Cardoso of the Central Bank of Nigeria attributes the naira's undervaluation to distortions in the FX market, vowing to address these issues and penalize perpetrators to maintain stability and deter future malpractices.