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Naira appreciates against US Dollar amid CBN intervention

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The Naira slightly appreciated against the US dollar in the official foreign exchange market at the end of January 2024 amid the Central Bank of Nigeria’s recent intervention to curb its free fall.

Data from FMDQ on Wednesday showed that the Naira marginally appreciated N1,455.59 per US dollar from N1,482.57 on Tuesday.

On a day-to-day level, the Naira appreciated by N26.98 gain or a 1.85 per cent increase, to close at N1,455.59 from N1,482.57 per Dollar on Tuesday.

Meanwhile, the black market remained unchanged at N1,470 per US Dollar at the close of Wednesday.

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However, with Naira ending at N1,455.59 per US dollar, the nation’s currency recorded a 37.6 per cent depreciation in January 2024.

This comes as the Association of Bureau De Change operators said it will close its offices for business on Thursday over dollar scarcity.

Recall that the Central Bank of Nigeria issued a fresh guideline to curb foreign currency hoarding and speculation on Wednesday.

Earlier, the apex bank announced that it released over 500 million dollars in the forex market to clear the FX backlog.

Pmnews.ng recalls that the Senate summoned the Governor of CBN, Olayemi Cardoso, to appear before it next week over the forex crisis.

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