Naira Slips as Interbank FX Turnover Plummets in Nigerian Market

The Nigerian Naira traded at N1,362.21 against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 27, after a marginal decline of 12 Kobo or 0.01 per cent from the preceding session's rate.

Meanwhile, interbank FX turnover plummeted to $39.587 million, approximately 56 per cent lower than the $89.082 million recorded last Friday.

The Naira also lost value against the Pound Sterling and Euro, trading at N1,814.05/£1 and N1,550.19/€1 respectively.

However, the local currency appreciated against the greenback by N7 at the GTBank forex desk to sell for N1,372/$1, while maintaining stability at N1,400/$1 in the parallel market.