On Wednesday, the Naira appreciated in the official market, closing at N1,510.72 per US dollar.

According to data from the FMDQ Security Exchange's forex trading platform, the local currency gained N11.96, marking a 0.78 percent rise from Tuesday's closing rate of N1,522.68 to the Dollar. 

During trading on the Investors and Exporters (I&E) Forex window, the Naira hit a high of N1,514.00 and a low of N1,504.00. 

Since December 2024, the Naira has maintained a level of stability against the US dollar, thanks to significant reforms introduced by the Central Bank of Nigeria (CBN). 

On Tuesday, the CBN rolled out additional measures in Abuja to further support the local currency. 

The News Agency of Nigeria (NAN) reported that the CBN has waived the 2025 annual license renewal fee for all current Bureau De Change (BDC) operators. 

Additionally, the CBN launched the Nigeria Foreign Exchange (FX) Code, which aims to enhance ethical practices within the banking sector. 

This code is part of the CBN's ongoing reforms to improve market transparency and governance, aligning with global standards. 

Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), expressed his appreciation for the CBN's waiver during an interview with NAN on Wednesday. 

He urged support for the CBN's reforms, which have contributed to the Naira's ongoing stability. 

Gwadabe also commended the introduction of the Nigeria Foreign Exchange (FX) Code, which is intended to foster ethical behavior among market participants. 

“It will address issues such as opaqueness in transactions, rate wars among participants, and lateness in submitting returns on spot transactions,” Mr Gwadabe said.