Naira Weakens Against Dollar Amid Expectations of Rate Hike

The Nigerian Naira weakened against the US Dollar by 0.14% on Monday, September 28, to trade at N1,331.32/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents a decline of N1.81 compared to the previous day's rate.

The Pound Sterling also fell against the local currency by N3.61, trading at N1,766.01/£1.

In contrast, the Naira gained N2.72 against the Euro, selling at N1,512.79/€1.

The Central Bank of Nigeria (CBN) has signaled its willingness to defend the currency as external reserves near $55 billion.