Central Bank of Nigeria Extends Dollar Availability Amid Naira Stability

To maintain recent improvements in the naira's value, Nigeria's central bank has decided to prolong the period during which foreign exchange bureaus can access dollars by an additional four months. This decision comes as local liquidity conditions have improved.

Impact on Currency Market

Since the policy's inception in December, authorized currency dealers have been permitted to purchase up to $25,000 weekly from the official exchange market. This initiative has been pivotal, enabling the naira to strengthen approximately 3%, climbing to 1,498.5 per dollar from 1,549 per dollar when the adjustment was initially implemented on December 19.