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.

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