Check the black market USD to NGN exchange rate for May 23, 2024. Buying rate is N1490, selling rate is N1505. Naira marks fourth consecutive appreciation against the Dollar, amid new CBN directives to BDC operators.
In a reversal from recent gains, the Nigerian Naira experienced depreciation against the US Dollar, marking its first decline since last Thursday in the foreign exchange market. According to FMDQ data, the Naira traded at ₦1485.66 per Dollar on Thursday, a significant drop from the ₦1462.59 recorded on Wednesday.
This shift coincided with the issuance of new directives by the Central Bank of Nigeria (CBN) to Bureaux De Change (BDC) operators. The CBN's move aimed to regulate the foreign exchange market and curb speculative trading.
Under the new guidelines, BDC operators are required to reapply for licenses, reflecting the CBN's commitment to stabilizing the Naira and ensuring transparency in BDC operations. However, this directive has sparked concerns among operators, particularly regarding the stringent licensing requirements and compressed compliance timeline.
