The naira weakened on Monday, trading at N1,495.60 to a dollar on the official market, according to data from the FMDQ Securities Exchange. This marks a N20.82 drop, representing a 1.4% decline compared to Friday’s closing rate of N1,474.78.
During trading on the Investors and Exporters (I&E) Forex window, the naira fluctuated between a high of N1,497.50 and a low of N1,470. Despite the recent dip, the naira has maintained relative stability against the dollar since December 2024, supported by ongoing reforms by the Central Bank of Nigeria (CBN).
The CBN’s reforms aim to enhance transparency in the foreign exchange market and strengthen the capacity of Bureau De Change (BDC) operators at the retail level. Recently, the bank waived the 2025 annual license renewal fee for existing BDC operators and extended the deadline for dollar sales to BDCs from January 31 to May 30.
