Naira Depreciates N11 as FX Turnover Surges 70%

On September 9, the naira weakened by N11.10 against the US dollar in the interbank foreign exchange market, closing at N1,334/$, compared to N1,322.90/$ on September 8. This decline represents a 0.84% depreciation, reversing recent gains in the Nigerian Foreign Exchange Market (NFEM).

Interbank foreign exchange turnover rose significantly to $94.43 million, a 69.82% increase from $55.60 million the previous day. The naira traded between a high of N1,334/$ and a low of N1,321.50/$ during the session, with a weighted average exchange rate of N1,329.21/$ and a simple average of N1,329.44/$.

The number of interbank transactions increased by 48.28%, from 58 to 86 deals. Despite the naira's decline, it remains stronger than its August 24 level by approximately N15.99/$, or 1.18%.

The Central Bank of Nigeria had not published the NFEM deals and total turnover for the day at the time of reporting.