By MIKE ABBAH
The Naira depreciated at the official market on Tuesday day, trading at N1,498.95 to a dollar.
Data from the FMDQ Security Exchange official forex trading platform revealed that the Naira lost N3.35
This represents a 0.2 percent loss when compared to the previous trading day on Monday, February 3, when the local currency closed trading at N1,498.95 to a dollar.
The Naira has enjoyed relative stability against the dollar since December 2024 due to sustained  by th Central Bank of Nigeria (CBN).
The reforms are aimed at ensuring transparency in the foreign exchange (FX) market.
The apex bank’s reforms are also boosting the capacity of BDCs who are in the retail end of the FX market.
The apex bank on Tuesday, Jan. 28, in Abuja, approved waivers on the 2025 annual license renewal fee for all existing BDC operators.
The bank also on Monday, Feb. 3 extended the deadline for sales of dollars to BDCs from Jan. 31 until May 30.
