Naira Depreciates Against Major Currencies at NAFEM

The Naira depreciated against major currencies at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on September 16. The local currency slid by 56 Kobo or 0.24 per cent to exchange at N1,329.86/$1, compared to the preceding day's rate of N1,329.30/$1.

Against the Pound Sterling, the Naira depreciated by N3.06 to close at N1,789.19/£1 from Tuesday's rate of N1,786.13/£1. Similarly, against the Euro, it lost N4.90 to sell at N1,534.26/€1 versus the preceding session's N1,529.36/€1.

However, at the black market and GTBank FX desk, the Naira maintained stability against the Dollar.

The Central Bank of Nigeria (CBN) reported a decline in interbank FX transactions, with a significant drop in US Dollar volume and deals count among market makers. The turnover fell by 65.9 per cent to $89.355 million from $262.10 million.