Naira depreciates by 1.4% as CBN extends FX sales deadline

On Monday, the official market saw a decline in the value of the Naira, which was trading at N1,495.60 per dollar.

The Naira dropped N20.82, according to data from the official forex trading platform of the FMDQ Security Exchange.

Comparing this to the previous trading day on Friday, January 31, when the local currency closed trading at N1,474.78 to a dollar, indicates a 1.4% loss.

Monday's peak and low prices on the Investors and Exporters (I&E) Forex market were N1,497.50 and N1,470.00, respectively.
Since December 2024, the Naira has been relatively stable in relation to the dollar as a result of the Central Bank of Nigeria's (CBN) ongoing reforms.

The goal of the measures is to guarantee the foreign currency (FX) market's transparency.

The changes implemented by the apex bank are also increasing the capability of BDCs operating in the retail segment of the foreign exchange market.
On Tuesday, January 28, in Abuja, the top bank authorised waivers for all current BDC operators of the 2025 annual licence renewal price.

Additionally, the bank extended the deadline for selling dollars to BDCs from January 31 to May 30 on Monday, February 3.