The Naira experienced a modest decline in the official market on Wednesday, trading at N1,539.39 per dollar.
Data from the Central Bank of Nigeria (CBN) indicated that the Naira closed the trading session at N1,539.39 to the dollar.
This reflects a slight loss, as the local currency was quoted at N1,534.16 per dollar on Tuesday.
Information from the apex bank’s forex exchange platform revealed that the Naira depreciated by N5.23, amounting to a 0.34 per cent drop.
Furthermore, data from the FMDQ Security Exchange official forex trading platform showed that the Naira opened trading on Tuesday at N1,535.50 to the dollar but closed at N1,541.70 on Wednesday.
In the parallel market, often referred to as black market, the Naira also depreciated to N1,655 per dollar from N1,650 per dollar on Tuesday.
In contrast, 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.
Meanwhile, experts have acknowledged that the recent stability of the Naira can be attributed to the CBN’s implementation of the Electronic Foreign Exchange Matching System (EFEMS), which has enhanced transparency and efficiency in forex trading.
Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), confirmed during a recent review of 2024 and projections for 2025 that there has been a moderation in exchange rate volatility.
He stated that the Naira’s stability is the result of a series of regulatory reforms and the periodic interventions by the CBN in the forex market.
