Naira record 1.4% decline as CBN extends FX sales deadline

By Paul Onehi
The Nigerian Naira experienced a decline in value on Monday, trading at N1,495.60 per US Dollar on the official market. According to data from the FMDQ Security Exchange’s official forex trading platform, the Naira depreciated by N20.82, representing a 1.4% decline compared to its closing rate of N1,474.78 per US Dollar on Friday, January 31.

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 reform ls seek to promote transparency and accountability in the foreign exchange market.

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.