The Naira weakened at the official foreign exchange market on Monday, trading at N1,495.60 per dollar, according to data from the FMDQ Security Exchange.
This represents a loss of N20.82 or 1.4 per cent from its closing rate of N1,474.78 on Friday, Jan. 31. Trading at the Investors and Exporters (I&E) Forex window saw the Naira fluctuate between a high of N1,497.50 and a low of N1,470.00.
Despite this depreciation, the Naira has remained relatively stable since December 2024, supported by ongoing Central Bank of Nigeria (CBN) reforms aimed at increasing transparency in the foreign exchange market.
As part of these efforts, the CBN has also introduced measures to strengthen Bureau De Change (BDC) operators. On Tuesday, Jan. 28, the apex bank approved waivers for the 2025 annual license renewal fees for all existing BDC operators.
Additionally, the CBN extended the deadline for dollar sales to BDCs from Jan. 31 to May 30, a move expected to improve liquidity in the retail FX market.
Credit: NAN (Text Excluding Headline)
