This is an attempt to strengthen the Nigerian currency, which has so far failed. BDCs (Bureau De Change) have been key influences on the naira's exchange rates versus foreign currencies in recent years, with the number of operators increasing from 74 in 2005 to 5,689 in 2021. Because of the large number of companies, market distortion has occurred, leaving the CBN with limited effect in addressing the Naira's depreciation.

Tinubu's new economic advisers recently issued a paper titled 'Policy Advisory Council Report: National Economy Sub-committee,' in which they requested the adoption of crucial changes, one of which is increasing the capitalization of BDC operators. Another recommendation made by the committee was for the CBN to enable Nigerian banks to act as primary dealers in the FX market. Naira gains significantly On Tuesday, July 18, 2023, the Nigerian currency surged in the official foreign exchange market. According to FMDQ statistics, the Nigerian currency closed Tuesday at N742.93 per dollar. When compared to the N795.28 per unit, this is a whopping 6.58% increase. The dollar exchange rate is on Monday. According to reports, the comeback on Tuesday was the largest daily rise in almost four years on the official market.