The Naira maintained a relatively stable position against the United States (US) Dollar on Wednesday, December 10, 2025, following the Central Bank of Nigeria’s (CBN) recent regulatory overhaul of the Bureau de Change (BDC) industry.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the Naira trading at ₦1,452.16 per Dollar at the official window.
The day opened at ₦1,451.30, marking a marginal dip of less than 0.1%.
Naijaonpoint reports that despite the slight movement, experts say the consistency seen over recent days signals a more liquid and less volatile market.
The official window, monitored by the CBN, saw rates fluctuating between ₦1,450.25 and ₦1,457.00 this week. Monday’s session closed at ₦1,454.00, indicating minimal fluctuations and greater market calm compared to previous quarters.
In the parallel market, popularly known as the black market, the Naira traded between ₦1,460 and ₦1,478 per Dollar, depending on transaction volumes and locations.
The spread between official and street rates has now dropped to less than ₦30, a development many attribute to the apex bank’s sweeping reforms.
The CBN recently concluded what it described as a major market reset, granting final approvals to just 82 BDC operators under a stricter regulatory framework. Over 4,000 operators are no longer licensed due to non-compliance.
The new regime divides BDCs into Tier 1, requiring ₦2 billion in capital, and Tier 2, with a ₦500 million minimum. According to the CBN, the move aims to sanitise the space and eliminate briefcase operators who previously distorted rates.
According to Vanguard, a market analyst noted that while the Naira hasn’t appreciated dramatically, the reduced volatility is a win for importers and business planners heading into 2026.
Traders forecast that the Naira will likely hover between ₦1,450 and ₦1,480 for the rest of the week, barring any shocks from oil prices or movements in Nigeria’s external reserves.
With just weeks to the new year, all eyes remain on how the market will respond to the full impact of the BDC shake-up and macroeconomic pressures.
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