Naira Fades by 0.05% Against US Dollar Amid Reserves Surge

The Nigerian Naira slid by 0.05% to N1,328.49 against the US Dollar on September 23 in the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from Business Post Nigeria.

This slight decline comes after a previous session where the Naira traded at N1,327.78/$1. However, it strengthened its position against the Pound Sterling and Euro by N11.39 to N1,762.92/£1 and gained N6.48 to close at N1,514.89/€1.

Meanwhile, in the black market segment, the Naira remained unchanged at N1,370/$1 during the session, and the GTBank FX desk also saw no change at N1,337.50/$1. The Central Bank of Nigeria (CBN) released data showing a significant increase in interbank FX turnover by 181.5% to $99.170 million with an increase in deals from 130 to 183.

CBN Governor Yemi Cardoso announced that the country's gross foreign exchange reserves have surpassed $55 billion, marking the highest level in over 18 years, according to him.