The value of the Nigerian currency, the naira, has improved against the US dollar in the foreign exchange marketsThis performance comes just a few hours after the central bank launched a new foreign exchange codeThe apex bank also waived the 2025 annual non-refundable license fees for Bureau De Changes (BDCs)
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira has appreciated against the US dollar after the Central Bank of Nigeria (CBN) released the Foreign Exchange (FX) Code.
The apex bank also announced a waiver for the 2025 annual non-refundable license fees for Bureau De Changes (BDCs).
CBN hopes to stabilise the naira
Photo credit: CBN
Source: Getty Images
Naira improves against dollar
Checks by Henzodaily.ng on Tuesday, January 28, showed that the naira appreciated by 0.97% or N16 against the dollar in the parallel market, also known as the black market, trading at an average rate of N1,634 compared to N1,650 on Monday.
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While in the official window, data from the CBN revealed that the naira was quoted at N1,533.50 to the dollar at the Nigerian Foreign Exchange Market (NFEM).
New CBN FX code
The CBN introduced a new Foreign Exchange (FX) Code aimed at improving market liquidity, enhancing transparency, and providing guidance for participants in Nigeria’s foreign exchange sector on Tuesday.
According to the FX Code document, the CBN has instructed market participants to submit compliance reports on adherence to the code by January 31, 2025.
CBN waives BDC fees
In a related development, Henzodaily.ng reported that the apex bank has waived the 2025 license renewal fee for all Bureau de Change (BDC) operators in the country.
The CBN stated this in a circular signed by Jonah Onojah, the director of the Financial Policy and Regulation Department released on Friday, January 24.
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According to Onojah, the BDCs fee waiver for 2025 takes effect immediately.
The CBN circular reads:
” This is to inform all existing bureaux de change that further to the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, and the ongoing transition to the new BDC regulatory structure, the (CBN) has approved the waiver of 2025 licence renewal fee, effective immediately.
“Any bureau de change that has paid for 2025 licence renewal is hereby advised to apply to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria for refund to its account from which the payment emanated.
“The CBN remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework.”
CBN tells Nigerians how to profit from weak naira
Henzodaily.ng reported that the Central Bank of Nigeria urged companies to explore export opportunities by taking advantage of the weak naira.
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According to the CBN, Nigeria’s competitive exchange rate has the potential to drive export-led growth, similar to how China achieved it.
The CBN added that a weakened naira makes Nigerian goods more affordable and appealing to international markets.
Proofreading by Nkem Ikeke, journalist and copy editor at Henzodaily.ng.
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Source: Henzodaily.ng