The Naira experiences an increase in value relative to the US Dollar in the foreign exchange market.

 Nigeria's currency is rebounding against the United States dollar in both the parallel and official markets following the intervention by the Central Bank of Nigeria (CBN) to enhance the supply of the greenback in the economy.

Additionally, the Association of Bureau de Change Operators of Nigeria (ABCON) refuted claims of a shutdown of foreign exchange sales in Abuja, dismissing such information as misinformation aimed at creating confusion in the market.

Within less than 24 hours, the Naira appreciated by 8.57%, reaching N1,400 on Thursday after hitting N1,520 per dollar on Wednesday in the parallel market, commonly referred to as the black market, according to data gathered from various street traders.

The CBN's move to eliminate the cap on the allowable limit of -2.5% to +2.5% around the previous day’s closing rate for the International Money Transfer Operators (IMTOs) signifies a regulatory shift, providing IMTOs with greater flexibility in determining exchange rates.

This adjustment follows the announcement by the banking and financial institutions regulator imposing limits on how much banks can hold in foreign currencies. The CBN expressed concern about the surge in forex exposures on their balance sheets after the local currency experienced a decline against the U.S. dollar.