Naira Falls Against USD Amid Increased Demand

The Nigerian Naira has continued its downward trend against the US Dollar in the official market. On Thursday, September 17, the currency fell by 0.11% to trade at N1,331.28/$1 compared to the previous day's rate of N1,329.86/$1.

However, the Naira strengthened against other major currencies, appreciating by N8.87 against the Pound Sterling to close at N1,780.32/£1 and by N4.75 against the Euro to settle at N1,529.51/€1.

The Central Bank of Nigeria's (CBN) external reserves rose to $54.668 billion as of September 16, up from $54.607 billion previously, supporting the apex bank's buffer to support the local currency.