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

‘How my husband assaulted me, ruined my career’ – Model Olajumoke Onibread

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

2 hours ago

Defence Chief, Gen Musa reacts to Simon Ekpa’s arrest, reveals next plan

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

2 hours ago

What I know about Mike Adenuga’s death rumour- Momodu

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

2 hours ago

Why I signed new Man City contract – Guardiola

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

2 hours ago

Man, girlfriend arrested for doing this to a 70-year-old woman in Enugu

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

2 hours ago

Northern group opposes establishment of state police

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

2 hours ago