The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says the apex bank remains resolute in its commitment to maintaining order in the country’s foreign exchange market by identifying and eliminating bad actors whose activities undermine the stability of the naira.
This came as findings showed that the naira depreciated slightly at the official foreign exchange market on Tuesday, closing at N1,532.39/$ compared to N1,531.19/$ on Monday.
This marks a marginal decline of 0.08 per cent, indicating relative stability despite minor fluctuations in the market.
The movement suggests continued volatility within a narrow band as the market adjusts to recent reforms and changing demand-supply dynamics.
At the Bureau De Change segment, the exchange rate remained unchanged at N1,570/$ for both days, reflecting a steady spread between the official and parallel market rates.
The unchanged BDC rate points to relatively stable demand for physical dollars in the informal market, even as the CBN intensifies its surveillance and intervention strategies across FX windows.
The slight depreciation at the official window comes amid broader efforts by the Central Bank of Nigeria to align the FX market with market fundamentals.
