Naira depreciates by 0.3% at official market

The Naira recorded a slight loss at the official market on Wednesday, trading at N1,539.39 per dollar.

Data from the Central Bank of Nigeria (CBN) showed that the Naira closed the trading session at N1,539.39 to the dollar.

This represents a slight loss as the local currency traded on Tuesday at N1,534.16 per dollar.

The data from the apex bank’s forex exchange platform revealed that the Naira lost N5.23, representing a 0.34 per cent loss.

Also, data from the FMDQ Security Exchange official forex trading platform revealed that the Naira opened trading on Tuesday at N1,535.50 to a dollar, but closed at N1,541.70 on Wednesday.

However, trading on the Investors and Exporters (I&E) Forex window on Wednesday recorded a high of N1,544.00 and a low of N1,535.50.

Meanwhile, experts have acknowledged that the recent stability of the Naira is due to CBN’s implementation of the Electronic Foreign Exchange Matching System (EFEMS), which has improved transparency and efficiency in FX trading.

Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), during a recent review of 2024 and projection for 2025, confirmed moderation in exchange rate volatility.

He said the Naira stability was due to a series of regulatory reforms and the periodic intervention by the CBN in the forex market.