Naira Appreciates in NAFEM Market Amid Increased Interbank Turnover
The Nigerian Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on September 29, rising by 85 kobo or 0.06% to close at N1,330.47/$1.
This comes after a depreciation of N2 against the US Dollar at the GTBank forex counter the previous day, quoting at N1,338/$1 compared with the previous day's N1,336/$1.
The Naira also improved its value against the Pound Sterling and Euro at the official market during the session by N5.39 to trade at N1,760.62/£1 compared with the previous day's N1,766.01/£1, and gained N3.23 on the Euro to sell at N1,509.56/€1 versus the preceding session's N1,512.79/€1.
The Central Bank of Nigeria (CBN) revealed in its daily FX data that interbank turnover increased by 225.3% to $80.582 million on Tuesday from $24.731 million on Monday, with the number of deals rising to 94 from 37.