Tinubu’s Inflation: Naira depreciates by 1.4% amid CBN’s extension of FX sales deadline
The naira depreciated on Monday’s official market, trading 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 compared to the previous Friday 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.
The naira has enjoyed relative stability against the dollar since December 2024 due to sustained reforms by the Central Bank of Nigeria.
The reforms are aimed at ensuring transparency in the foreign exchange market.
The apex bank’s reforms are also boosting BDCs’ capacity in the retail end of the FX market.
The CBN on January 28, in Abuja, approved waivers on the 2025 annual license renewal fee for all existing BDC operators.
On Monday, the bank extended the deadline for sales of dollars to BDCs from January 31 until May 30.
(NAN)
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