Naira Depreciates Against Major Currencies Amid Moderate Slowdown in Activities

The Nigerian Naira experienced a slight depreciation in value against major currencies on Wednesday, August 19. The local currency weakened by N7.09 or 0.53 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to close at N1,350.41/$1 from the previous rate of N1,343.32/$1.

Against the Pound Sterling and Euro, the Naira also depreciated by N19.87 and N18.07 respectively, but remained stable against the US Dollar in the black market and at the GTBank forex desk.

The interbank FX turnover increased by 1.72 per cent to $370.980 million from $364.709 million, while the number of interbank FX deals declined to 100 from 108 the previous day.