In January 2024, the Nigerian Naira experienced a slight appreciation against the US dollar in the official foreign exchange market, thanks to recent interventions by the Central Bank of Nigeria to stabilize its value.
Data from FMDQ on Wednesday revealed a marginal appreciation of the Naira to N1,455.59 per US dollar, compared to N1,482.57 on Tuesday.
On a daily basis, this reflected a gain of N26.98 or a 1.85% increase, concluding at N1,455.59 from N1,482.57 per Dollar on Tuesday.
However, the black market rate remained steady at N1,470 per US Dollar by the close of Wednesday.
Despite the temporary improvement, the Naira still recorded a 37.6% depreciation throughout January 2024, settling at N1,455.59 per US dollar.
This development occurred as the Association of Bureau De Change operators announced the closure of its offices for business on Thursday due to dollar scarcity.
The Central Bank of Nigeria, responding to the foreign currency challenges, issued fresh guidelines on Wednesday to counter hoarding and speculation. Earlier, the apex bank had injected over 500 million dollars into the forex market to address the FX backlog.
The Senate had previously summoned the Governor of CBN, Olayemi Cardoso, to appear before it next week to address concerns related to the forex crisis.
