Naira Surges as Trading Activity Boosts Foreign Exchange Market
The Nigerian naira strengthened against the US dollar at the official foreign exchange market on Wednesday, September 30, as increased trading activity boosted market turnover.
The local currency appreciated by N1.31, or 0.09%, to close at N1,329.16/$1 in the Nigerian Foreign Exchange Market (NFEM), compared with N1,330.47/$1 recorded on Tuesday.
Data from the Central Bank of Nigeria showed that turnover in the interbank foreign exchange market rose significantly during the session, increasing by 122.9% to $179.577 million from $80.582 million previously.
The CBN disclosed that Nigeria had only $859 million in net usable external reserves when the current administration assumed office in 2023, but has since risen to about $40 billion three years later.