January 8, 2025
The Naira dipped slightly, trading at N1,539.39 per dollar.at the official market on Wednesday.
Data from the Central Bank of Nigeria, CBN, indicated that the Naira closed the trading session at N1,539.39 to the dollar.
This represents a slight loss compared to Tuesday’s trading at N1,534.16 per dollaras.
Naira lost N5.23, representing a 0.34 per cent loss, as revealed by data from the apex bank’s forex exchange platform.
Similarly data from the FMDQ Security Exchange official forex trading platform revealed that the Naira opened trading on Tuesday at N1,535.50 to a dollar, but closed at N1,541.70 on Wednesday.
However, trading on the Investors and Exporters (I&E) Forex window on Wednesday recorded a high of N1,544.00 and a low of N1,535.50.
READ MORE; Naira Drops Due To Demand Pressures in FX Market
However, experts have acknowledge that recent stability of the Naira is due to CBN’s implementation of the Electronic Foreign Exchange Matching System (EFEMS), which has improved transparency and efficiency in FX trading.
Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, during a recent review of 2024 and projection for 2025, confirmed moderation in exchange rate volatility.
He said periodic intervention by the CBN in the forex market and series of regulatory reforms were responsible for the Naira stability.
