|By Adejumo Adekunle-
-CBN under fire as Northern group warns of economic hardship
-Currency gains N5.02 amid policy uncertainty, remains flat on black market
Nigeria’s naira appreciated slightly against the United States dollar at the official exchange market on Thursday, as growing calls emerged for the Central Bank of Nigeria (CBN) to reconsider its Bureau De Change (BDC) recapitalisation deadline.
According to data published by the CBN, the naira strengthened to ₦1,525.98 per dollar on Thursday, gaining ₦5.02 compared to the ₦1,531 rate recorded at the close of trading on Wednesday. This modest improvement highlights a momentary relief in the volatile currency market.
Despite the marginal gain, the naira held steady in the parallel market, maintaining an exchange rate of ₦1,550 per dollar — unchanged from the previous day. This trend suggests that while there have been fluctuations at the official end, the black market has remained relatively stable over the past four days.
The development comes as BDC operators across the country continue to grapple with the CBN’s recapitalisation directive. The apex bank had set June 3, 2025, as the deadline for compliance, insisting that all operators meet new capital requirements.
However, dissenting voices are growing louder. On Thursday, the Arewa Economic Forum, led by its chairman Ibrahim Dandakata, urged the CBN to reconsider the policy deadline. The group warned that enforcing the June 3 ultimatum could worsen economic conditions in the Northern region.
Dandakata stressed that the recapitalisation policy, while well-intentioned, poses significant risks to informal financial systems in Northern Nigeria where BDCs play a pivotal role in daily transactions.
“There’s a real threat of financial exclusion and economic hardship for small traders and individuals who rely heavily on BDCs,” he said, calling for a phased extension to allow operators adjust gradually.
The CBN has yet to issue any official response to the appeal, but economic analysts believe mounting regional pressure may prompt a policy review — especially as the naira’s value remains vulnerable to fluctuations in investor confidence and foreign exchange liquidity.
While the slight appreciation offers a temporary win for the currency, the ongoing recapitalisation controversy could unsettle broader market sentiment in the weeks ahead.
