Naira gains value relative to the US dollar as a result of CBN action.

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.
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.