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“Naira strengthens to its highest value in seven months at N1,485.95 due to CBN policies.”

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Home Breaking News

“Naira strengthens to its highest value in seven months at N1,485.95 due to CBN policies.”

by Hassan Saheed
January 31, 2025
in Breaking News
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The Naira has strengthened to N1,485.95 per dollar, marking its highest level in seven months, following key policies introduced by the Central Bank of Nigeria (CBN). The currency appreciated by 1.67% in the official market, gaining N24.8 from N1,510.72 on Wednesday. However, in the parallel market, the Naira slightly weakened to N1,635 per dollar from N1,625 the previous day.

This improvement is largely attributed to the CBN’s new Foreign Exchange (FX) Code, designed to enhance market transparency, stability, and confidence. The policy seeks to regulate forex transactions and prevent market manipulations. Market dealers quoted the dollar at rates between N1,470 and N1,516, reflecting increased liquidity and controlled volatility.

To ensure compliance, the CBN has mandated financial institutions to conduct a self-assessment and submit a report by January 31, 2025. Institutions must also present an implementation plan approved by their board of directors. The FX Code, backed by the CBN Act of 2007 and BOFIA 2020, serves as a guideline for maintaining order in Nigeria’s forex market.

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Hassan Saheed

Hassan Saheed

I am a passionate and driven individual transitioning from university life into the professional world. A graduate of Bachelor's degree in Business Administration, I possess a versatile skill set that enables me to excel in various domains. As a data analyst, I have a profound love for numbers and a firm grasp on statistical analysis tools. My ability to analyze complex data sets and extract valuable insights allows me to make informed decisions and contribute to the success of businesses. I am always eager to acquire new techniques and stay updated with the latest trends in data analysis to enhance my expertise in this field. In addition to my analytical abilities, I am also a skilled graphics designer. I have a creative eye and a knack for transforming ideas into visually appealing designs. Whether it is crafting stunning logos or designing captivating marketing materials, my attention to detail and my understanding of branding principles enable me to deliver aesthetic designs that resonate with target audiences. Beyond academics, I have a strong commitment to giving back to the community. I actively engage in volunteer work, leveraging my skills and knowledge to support causes that I am passionate about. I find profound fulfillment in being able to make a positive impact on the lives of others and strive to continuously contribute to society. Furthermore, I am experienced in managing freelance projects. This aspect of my life has allowed me to enhance my problem-solving skills, sharpen my communication abilities, and build strong working relationships with clients. I thoroughly enjoy the entrepreneurial aspect of freelancing and relish the challenges and opportunities it presents. As I embark on my professional journey, I am eager to apply my diverse skills and knowledge to contribute to the success of an organization. I am open to new opportunities where I can continue to learn, grow, and make a meaningful impact. If you are interested in collaborating or discussing potential professional engagements, please feel free to reach out.

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