Nigerian Naira Slips Further Against Major Currencies

The Nigerian naira has weakened further against major currencies in the official foreign exchange market. On Tuesday, July 28, the local currency closed at N1,365.53 to the US dollar, a drop of N3.32 from the previous trading session.

This comes as Nigeria's external reserves came under pressure following Central Bank interventions in the currency market the previous week. Interbank FX turnover surged by 160% to over $102 million, with the number of deals rising sharply from 55 to 121.

The naira fell against the British pound sterling and euro, shedding N2.38 and N2.69 respectively. However, at the GTBank FX desk, the naira actually gained ground, strengthening by N2 to trade at N1,370 per dollar.