The US dollar slightly depreciated in the official foreign exchange market by the end of January 2024, with the Central Bank of Nigeria intervening to stabilize it. According to data from FMDQ, the Naira marginally appreciated to N1,455.59 per US dollar from N1,482.57 on Tuesday.
The daily appreciation of the Naira amounted to a N26.98 gain, representing a 1.85% increase, closing at N1,455.59 from N1,482.57 per dollar on Tuesday. The black market, however, remained unchanged at N1,470 per US dollar at the close of Wednesday.
Despite the Naira ending at N1,455.59 per US dollar, the currency experienced a 37.6% depreciation in January 2024. In response to the dollar scarcity, the Association of Bureau De Change operators announced the closure of its offices for business on Thursday.
The Central Bank of Nigeria issued a fresh guideline to prevent foreign currency hoarding and speculation, following which it released over 500 million dollars in the forex market to clear the FX backlog. The Senate has summoned the Governor of CBN, Olayemi Cardoso, to appear before it next week to address the forex crisis.