The naira strengthened at the official window on Monday, after the Central Bank of Nigeria Governor, Olayemi Cardoso, reassured that the apex bank was making efforts to tackle the volatility of the currency. The local currency appreciated by 1.09 per cent to close at 1,419.86/$ at the official forex window, according to data obtained from the FMDQ. Recall that the naira dropped significantly to an all-time low of 1482.57 /$ last week Tuesday at the official window, defying efforts by the apex bank and the Federal Government to boost liquidity in the foreign exchange market. The naira closed trading on Friday at 1,450/$ at the alternative forex market. The central bank commenced the clearing of FX backlog in banks in November 2023.

Source: Punch February 06, 2024 19:16 UTC