Naira Value Dips 0.21% at Official Market Amid Global Economic Shifts
The Nigerian Naira lost value against major currencies on Tuesday, September 15. In the official market, it weakened by 0.21% to trade at N1,329.15/$1 compared to Monday's closing value of N1,326.30/$1.
The Naira also depreciated against the Pound Sterling in the official market by N7.56, closing at N1,793.69/£1 versus N1,786.13/£1, and fell against the Euro by N5.41 to close at N1,534.77/€1.
In a different segment of the market, GTBank FX desk saw the value of the Naira depreciate against the US Dollar during trading hours by N5 to settle at N1,335/$1 compared with the previous day's N1,330/$1. However, it traded flat at N1,370/$1 in the black market segment.
The country's external reserves continued their upward trajectory, rising to $54.61 billion. Nigeria has also secured a place in JP Morgan's Government Bond Index, Emerging Markets Edge (GBI-EM Edge), which reflects growing investor confidence in the country's economic reforms.