The Naira depreciated by 1.4% at the official market on Monday, closing at N1,495.60 per dollar, amid the Central Bank of Nigeria’s (CBN) decision to extend the deadline for dollar sales to Bureau de Change (BDC) operators.
Data from the FMDQ Security Exchange forex trading platform showed that the local currency lost N20.82 compared to its previous rate of N1,474.78 per dollar recorded on Friday, Jan. 31. The trading session saw the Naira fluctuate between N1,497.50 at its weakest and N1,470.00 at its strongest.
Despite relative stability since December 2024, the CBN has continued implementing foreign exchange (FX) reforms to enhance market transparency and strengthen BDCs in the retail FX sector.
As part of these measures, the apex bank recently approved waivers on the 2025 annual license renewal fees for all BDC operators and announced on Monday, Feb. 3, an extension of the deadline for dollar sales to BDCs from Jan. 31 to May 30.
