Nigeria’s naira hit a fresh low against the dollar as businesses in the West African nation sought to reduce their exposure to the US currency. However, the naira saw a slight recovery on October 3, 2024, due to a significant surge in dollar supply in the official market. The Central Bank of Nigeria (CBN) announced the introduction of an Electronic Foreign Exchange Matching System to transform the country’s foreign exchange market, which will automate FX trades starting December 2024. Additionally, the CBN disclosed that it sold $543.5 million at rates between N1,540 and N1,580 to authorized dealer banks over 11 days from September 6 to September 30, 2024. The CBN has also mandated Deposit Money Banks and other participants in the foreign exchange market to submit compliance reports regarding the FX Code by December 31, 2024.