Naira trades N1,510/$ at official market

The naira further appreciated at the official market on Wednesday, January 29, 2025, trading at N1,510.72 to a dollar.

Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N11.96.

This represented a 0.78 per cent gain, compared to the trading figure on Tuesday, when the naira closed trading at N1,522.68 to the dollar.

Trading on the Investors and Exporters (I&E) Forex window on Wednesday recorded a high of N1,514.00 and a low of N1,504.00.

NMDPRA issues gas distribution licences to 6 companies

The naira has enjoyed relative stability against the United States dollar since December 2024, when the Central Bank of Nigeria’s (CBN) introduced sustained sweeping reforms.

The CBN, on Tuesday, January 28, introduced more measures, leading to additional health for the local currency.

The apex bank approved waivers on the 2025 annual license renewal fee for all existing Bureau De Change (BDC) operators.

The CBN also unveiled the Nigeria Foreign Exchange (FX) Code, aimed at sanitising the banking industry to promote ethical conduct.

The code, which is part of CBN’s ongoing reforms, is to sanitise the market to drive transparency and good governance, in line with global best practices.

The Star