The naira depreciated on the official market on Monday, buying and selling at N1,495.60 to a greenback.
Knowledge from the FMDQ Safety Alternate official foreign currency trading platform revealed that the Naira misplaced N20.82.
This represents a 1.4 per cent loss when in comparison with the earlier buying and selling day on Friday, January 31, when the native forex closed buying and selling at N1,474.78 to a greenback.
Buying and selling on the Traders and Exporters, I&E Foreign exchange window on Monday recorded a excessive of N1,497.50 and a low of N1,470.00.
The naira has loved relative stability towards the greenback since December 2024 as a result of sustained reforms by the Central Financial institution of Nigeria, CBN.
The reforms are geared toward guaranteeing transparency within the overseas change, FX market.
The apex financial institution’s reforms are additionally boosting capability of BDCs who’re within the retail finish of the FX market.
The apex financial institution on Tuesday, January 28, in Abuja, authorized waivers on the 2025 annual license renewal payment for all present BDC operators.
The financial institution additionally on Monday, Feb. 3 prolonged deadline for gross sales of {dollars} to BDCs from January 31 till Could 30.
NAN
