At the Investor’s and Exporter’s (I&E) window, the Nigerian naira traded between ₦1,295.00 and ₦1,051.00 against the US dollar.

The naira slightly depreciated at the official market on Monday, trading at ₦1,234.49 to the dollar. Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed a ₦64.50 loss, representing a 5.51% decline from the previous trading date.

However, the total daily turnover increased to $110.17 million on Monday, up from $86.68 million on Friday. CBN Governor Yemi Cardoso, on Saturday, April 20, 2024, stated that the central bank was working to achieve a stable exchange rate and ensure that the exchange rate reached its appropriate price discovery level.

He highlighted the success of CBN’s foreign exchange reforms, which had made the naira the best-performing currency globally, during a press conference at the annual meeting of the IMF and World Bank Group.