Naira appreciates against dollar as pressure mounts on CBN to shift BDC recapitalisation deadline

Nigeria’s naira appreciated against the dollar at the official exchange market on Thursday, as pressure mounts on the Central Bank of Nigeria to extend the Bureau De Change, BDC, operators’ recapitalisation deadline.

Data from the Central Bank of Nigeria showed that the naira strengthened to N1,525.98 per dollar on Thursday, up from N1,531, the highest exchange rate recorded at the close of trading on Wednesday.

This indicates that the naira gained N5.02 against the dollar on a day-to-day basis.

Meanwhile, the naira remained flat at N1,550 per dollar on Thursday, the same rate as the previous day.

DAILY POST reports that while the naira has continued to fluctuate in the official market over the past four days, it has remained relatively stable in the black market.

BDC operators across the country have been struggling to comply with the apex bank’s recapitalisation policy.

The CBN has maintained that BDC operators’ recapitalisation deadline elapsed on June 3, 2025.

However, on Thursday, a group known as the Arewa Economic Forum, led by its chairman, Ibrahim Dandakata, called on the CBN to extend the deadline, citing its potential adverse impact on the Northern economy.

Naira appreciates against dollar as pressure mounts on CBN to shift BDC recapitalisation deadline