The Nigerian naira exhibited a bolstering trend against the US dollar on Thursday, a progression that emerged subsequent to its previous closure at 740.67/$ on the Investor & Exporter (I&E) forex window.

I&E window

Encouraged by the Central Bank of Nigeria’s (CBN) announced plans for forex market intervention earlier in the week, the naira had initiated a series of gains. Notably, it concluded Wednesday at 773.17/$ on the I&E window.

In the parallel market, currency exchange at the hands of Bureau de Change (BDC) operators remained relatively consistent, with Yusuf Kareem, a BDC operator, indicating transactions at N835 to N850.

Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria, highlighted the CBN’s efforts in positively influencing the forex market dynamics.

Gwadabe emphasized that the CBN’s directives aimed to align supply and curb illicit economic practices among market participants, which had contributed to the recent favorable strengthening of the naira.

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He further recommended market democratization, demonopolization, and leveraging BDCs for enhanced market depth and product flexibility.

Acting CBN Governor, Folashodun Shonubi, disclosed the bank’s intention to implement new measures for naira stabilization during a briefing with President Bola Tinubu.

Furthermore, the Nigerian National Petroleum Limited secured a $3 billion emergency loan on Wednesday to contribute to naira stabilization efforts.