Naira Declines by 1.4% Against Dollar, Trades at 1,₦495.60

The Naira depreciated at the official market on Monday, closing at ₦1,495.60 per dollar, marking a 1.4% decline from the previous trading day.

Data from the FMDQ Securities Exchange revealed that the local currency lost ₦20.82 compared to its Friday, Jan. 31 closing rate of ₦1,474.78 per dollar.

Trading on the Investors and Exporters (I&E) Forex window on Monday saw the Naira fluctuate between a high of ₦1,497.50 and a low of ₦1,470.00.

Despite this depreciation, the Naira has remained relatively stable since December 2024, supported by ongoing foreign exchange (FX) market reforms introduced by the Central Bank of Nigeria (CBN). These reforms are aimed at enhancing transparency and improving liquidity, particularly in the retail segment of the FX market.

In a continued effort to strengthen the sector, the CBN recently approved a waiver on the 2025 annual license renewal fees for all Bureau De Change (BDC) operators. Additionally, the apex bank has extended the deadline for dollar sales to BDCs from Jan. 31 to May 30, 2025.

These policy measures are expected to provide relief to currency traders and support market stability in the coming months.