Forex
Naira Appreciates Against Dollar in NAFEM Amid Stability in Black Market
The Nigerian Naira gained value against the US Dollar by N1.31 or 0.09% in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on September 30.
This improvement came after a slight depreciation of N5.97 against the Pound Sterling, trading at N1,766.59/£1, and a 50 Kobo decrease against the Euro, quoting at N1,510.06/€1.
In contrast, the Nigerian Naira maintained stability against the US Dollar at the black market rate of N1,370/$1 and traded flat at N1,338/$1 at the GTBank FX desk.
The Central Bank of Nigeria's (CBN) daily FX data showed an increase in interbank turnover by 122.9% to $179.577 million from $80.582 million, with a growth in the number of deals executed to 94 from 37.