Categories: Business

Naira appreciates against US Dollar amid CBN intervention

At the end of January 2024, the Naira saw a slight increase against the US dollar on the official foreign exchange market due to the Central Bank of Nigeria’s recent intervention to stop its free fall.

The Naira slightly increased in value against the US dollar on Wednesday, according to data from FMDQ, from N1,482.57 on Tuesday to N1,455.59.

The Naira gained N26.98, or 1.85%, daily, closing at N1,455.59 per Dollar on Tuesday, up from N1,482.57 per Dollar on Tuesday.

At Wednesday’s end, the black market price of N1,470 per US dollar remained steady.

However, the nation’s currency saw a 37.6% decline in January 2024, closing at N1,455.59 per US dollar.

This comes after the Association of Bureau De Change Operators announced that it will close its operations on Thursday due to a shortage of dollars.

Remember that on Wednesday, the Central Bank of Nigeria released new guidelines to reduce speculation and hoarding of foreign exchange.

The apex bank had previously declared that it had cleared the FX backlog by releasing approximately $500 million into the forex market.

Olayemi Cardoso, the governor of the CBN, has been asked by the Senate to testify before it next week on the FX issue.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.

Jonathan Nwokpor

View Comments

Recent Posts

US election: Obama finally reacts over Trump’s victory

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

8 hours ago

BREALING: Libya repatriates 166 Nigerians back home

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

8 hours ago

VIDEO: OMG! see what Davido’s wife, Chioma was caught on camera doing inside bedroom

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

9 hours ago

Fake pastor grabs woman’s breăst in the name of deliverance, see what happened later

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

9 hours ago

VIDEO: Woman with 2 private parts reveals three things her husband doesn’t like her discussing in public

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

9 hours ago

After Chief of Army staff was confirmed dead, see what Simon Ekpa said

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

9 hours ago