Tinubu’s Inflation: Naira depreciates by 1.4% amid CBN’s extension of FX sales deadline
The naira depreciated on Monday’s official market, trading N1,495.60 to a dollar.
Data from the FMDQ Security Exchange official forex trading platform revealed that the naira lost N20.82.
This represents a 1.4 per cent loss compared to the previous Friday when the local currency closed trading at N1,474.78 to a dollar.
Trading on the Investors and Exporters (I&E) Forex window on Monday recorded a high of N1,497.50 and a low of N1,470.
The naira has enjoyed relative stability against the dollar since December 2024 due to sustained reforms by the Central Bank of Nigeria.
The reforms are aimed at ensuring transparency in the foreign exchange market.
The apex bank’s reforms are also boosting BDCs’ capacity in the retail end of the FX market.
The CBN on January 28, in Abuja, approved waivers on the 2025 annual license renewal fee for all existing BDC operators.
On Monday, the bank extended the deadline for sales of dollars to BDCs from January 31 until May 30.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
World
Nigeria demands total elimination of nuclear weapons at UN
Nigeria has advocated the complete elimination of nuclear weapons, warning that global security cannot continue to depend on weapons capable of destroying humanity.
States
Army operationalises three infantry battalions in Zamfara
The Nigerian Army has operationalised three new infantry battalions in Zamfara to strengthen security and improve its response to threats.
Anti-Corruption
After Gazette exposé on Abuja land grab, businessman claims paying Wikes $2 million for 60 hectares
According to court documents, Mr Dantani alleged that he was made to deliver $2.1 million in cash at a house located in Gwarinpa, FCT, to the Wikes.
States
Kaduna to deploy 120 CNG-powered buses on BRT corridor to ease traffic congestion
The Kaduna government plans to deploy 120 compressed natural gas-powered articulated buses on a 24-kilometre BRT corridor to improve urban transportation.
World
World in most dangerous nuclear moment since end of Cold War, UN chief warns
A statement by the UN highlighted Mr Guterres’ concern as the General Assembly held a high-level meeting to mark the International Day for the Total Elimination of Nuclear Weapons.
Economy
OPay names top 10 teams in N18 million national innovation challenge
As the top 10 teams advance to the Boot Camp, they move one step closer to transforming their ideas into solutions that can address real-world challenges.
