At the official market on Monday, the value of the naira dropped, trading at N1,495.60 to the US dollar.

Data from the FMDQ Security Exchange official forex trading platform revealed that the naira lost N20.82.

This represents a 1.4 percent loss when compared to the previous trading day on Friday, Jan. 31, when the local currency closed trading at N1,474.78 to a dollar.

Trading on the Investors and Exporters (I&E) Forex window on Monday recorded a high of N1,497.50 and a low of N1,470.00.

The naira has enjoyed relative stability against the dollar since December 2024 due to sustained reforms by the Central Bank of Nigeria (CBN).

Sponsored

The reforms are aimed at ensuring transparency in the foreign exchange (FX) market.

The apex bank’s reforms are also boosting the capacity of BDCs who are at the retail end of the FX market.

The apex bank on Tuesday, Jan. 28, in Abuja, approved waivers on the 2025 annual license renewal fee for all existing BDC operators.

The bank also on Monday, Feb. 3, extended the deadline for sales of dollars to BDCs from Jan. 31 until May 30.

SPONSORED

LEAVE A REPLY

Please enter your comment!
Please enter your name here