The Nigerian Naira witnessed a minor depreciation at the official foreign exchange market on Wednesday, settling at N1,539.39 per dollar. This marks a slight decline compared to its performance on Tuesday, when it traded at N1,534.16 per dollar, reflecting a difference of N5.23 or 0.34%.
Data from the Central Bank of Nigeria (CBN) confirmed the change, showcasing the Naira’s ongoing adjustments within the forex trading environment.
According to figures from the FMDQ Security Exchange platform, the Naira began trading on Tuesday at N1,535.50 per dollar but closed at N1,541.70 per dollar by the end of Wednesday. During trading sessions, rates fluctuated with a high of N1,544.00 and a low of N1,535.50 recorded at the Investors and Exporters (I&E) Forex window.
Financial experts attribute the relative stability of the Naira to ongoing regulatory reforms and measures implemented by the CBN. The Electronic Foreign Exchange Matching System (EFEMS), in particular, has enhanced transparency and efficiency in currency trading.
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), acknowledged the reduction in exchange rate volatility during his review of 2024 economic performance.
