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Naira depreciates by 1.4% as CBN extends FX sales deadline

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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.

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.

Grace Alegba

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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