Nigeria’s currency displayed divergent trends across different trading platforms as the week drew to a close, with strengthening observed in the parallel market while weakening occurred in the official trading segment on Friday.
This pattern represents a shift from the previous week’s trading behaviour, during which both market segments experienced consistent strengthening throughout the period.
Official market data from the Central Bank’s website reveals that the naira settled at N1,554 per dollar on Friday, representing a decline from the N1,545 per dollar recorded on Wednesday. Wednesday’s rate had already weakened from Tuesday’s N1,540 per dollar, marking a continuous downward trend throughout the week.
Friday’s intraday trading saw the currency reach a peak of N1,570 per dollar and a low of N1,537 per dollar, with the session’s average rate calculated at N1,551.85 per dollar.
Parallel market activity showed the naira trading at N1,595 per dollar on Friday, an improvement from Wednesday’s N1,610 per dollar rate, though still weaker than Tuesday’s N1,600 per dollar level, based on Nairametrics’ research findings.
Against the British pound in the parallel market, the naira continued its weakening trajectory against major international currencies. The currency traded at N2,148 per pound, declining from the N2,145 per pound rate recorded on Wednesday, according to newswire research data.
These currency movements occurred alongside this week’s clarification from the Central Bank regarding Bureau De Change recapitalisation requirements. The monetary authority dismissed media reports suggesting an extension of the compliance deadline for Bureau De Change operators to December 31, 2025.
The Central Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, stated on Wednesday, categorising the circulating information as “false” and “misleading.”
The monetary authority confirmed that no deadline extension had been approved, reaffirming that the original June 3, 2025, compliance date remains unchanged from the bank’s initial communication.
Under the updated regulatory framework, Bureau De Change operators must satisfy enhanced capital requirements of N2 billion for Tier-1 licenses and N500 million for Tier-2 operations.
This regulatory position aligns with the Central Bank’s comprehensive strategy to improve Bureau De Change operational standards and strengthen foreign exchange market compliance.
The Association of Bureau De Change Operators of Nigeria (ABCON), representing industry participants, previously confirmed that the June 3 recapitalisation timeline for member organisations remains unchanged.
ABCON has expressed concerns regarding the recapitalisation requirements, noting that many member organisations face challenges in meeting the established deadline.
This capital enhancement program forms part of the Central Bank’s reform agenda, designed to strengthen the Bureau De Change sector’s capacity to effectively serve Nigeria’s foreign exchange market.
The regulatory updates followed stakeholder consultations and were implemented under the authority granted to the Central Bank through Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
ABCON has historically opposed elevated capital requirements for its membership, contending that Bureau De Change operations are not capital-intensive businesses, as they neither accept customer deposits nor provide lending services.
