The Naira depreciated at the official market on Monday, trading at N1,495.60 to a dollar.
Available data from the FMDQ Security Exchange official forex trading platform revealed that the Naira lost N20.82 to the dollar.
This represents a 1.4 percent loss when compared to the previous trading day on January 31 when the local currency closed trading at N1,474.78 to a dollar.
Trading on the Investors and Exporters 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.
The reforms are aimed at ensuring transparency in the foreign exchange market.
The apex bank’s reforms are also boosting the capacity of BDCs who are in the retail end of the FX market.
The apex bank on January 28 in Abuja approved waivers on the 2025 annual license renewal fee for all existing BDC operators.
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The bank also on Monday extended the deadline for the sale of dollars to BDCs from January 31 until May 30.
This aims to better serve retail market demands.
The bank disclosed this in a circular signed by Dr. W. J. Kanya, Acting Director of the Trade and Exchange Department, to BDCs on Monday and made available on its website.
The circular, titled: “Sales of Foreign Exchange To BDCs To Meet Retail Market Demand For Eligible Invisible Transactions,” shifted the previous deadline of January 31.
The circular said: “We refer to our circular TED/FEM/PUB/FPC/001/030 dated December 19, 2024, which granted temporary access to existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00.
“The expiry date of January 31, 2025 which was granted in the above mentioned circular has been extended to May 30, 2025.
“All other terms and conditions in the above mentioned circular remain unchanged.”
Kanya added that CBN remained committed to ensuring a fully functional foreign exchange market and would continue to provide liquidity to manage price volatility.
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