Naira Depreciates by 0.3% at Official Market
The Naira experienced a slight depreciation at the official market on Wednesday, trading at N1,539.39 per dollar. According to data from the Central Bank of Nigeria (CBN), the Naira closed the trading session at N1,539.39, which is a minor drop from Tuesday’s rate of N1,534.16 per dollar.
This represents a loss of N5.23, or 0.34%, as reflected in the official forex exchange data. Additionally, the FMDQ Securities Exchange platform reported that the Naira opened trading on Tuesday at N1,535.50 to the dollar, and closed at N1,541.70 on Wednesday.
On the Investors and Exporters (I&E) Forex window, the Naira recorded a high of N1,544.00 and a low of N1,535.50 during Wednesday’s trading.
Experts have attributed the recent stability of the Naira to the Central Bank of Nigeria’s (CBN) implementation of the Electronic Foreign Exchange Matching System (EFEMS), which has enhanced transparency and efficiency in foreign exchange trading.
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), noted that the Naira’s stability is a result of ongoing regulatory reforms and periodic CBN interventions in the forex market, contributing to reduced exchange rate volatility.
