Naira depreciates by 1.4% as CBN extends FX gross sales deadline

naira depreciates by 1

The Naira depreciated on the official market on Monday, buying and selling at N1,495.60 to a greenback.

Information from the FMDQ Safety Trade 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, Jan. 31, when the native foreign money 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 in opposition to the greenback since December 2024 attributable to sustained reforms by the Central Bank of Nigeria (CBN).

Associated Information

The reforms are aimed toward making certain 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, Jan. 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 Jan. 31 till Might 30.

(NAN)

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