Market News
Naira depreciates by 1.4% as CBN extends FX sales deadline - NAN
The Naira depreciated at the official market on Monday, trading at N1,495.60 to a dollar.
Data from the FMDQ Security Exchange official forex trading platform revealed that the Naira lost N20.82.
This represents a 1.4 per cent 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).
The reforms are aimed at ensuring transparency in the foreign exchange (FX) market.t
The apex bank’s reforms are also boosting capacity of BDCs who are in 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 deadline for sales of dollars to BDCs from Jan. 31 until May 30.
