Naira Weakens to N1,364.89/$ as FX Trading Declines

On Tuesday, the naira weakened against the US dollar in the official foreign exchange market, closing at N1,364.89, a depreciation of N4.75 from the previous day's rate of N1,360.14. This represents a 0.35% decline in value.

In the parallel market, the naira remained stable at N1,425 per dollar. The Central Bank of Nigeria reported a significant drop in trading activity, with total turnover in the interbank segment falling by 86.41% to $29.06 million from $213.85 million on Monday.

The number of deals also decreased sharply, dropping 74.18% to 47 from 182 deals in the previous session. Although the turnover and deal figures for the Nigerian Foreign Exchange Market (NFEM) on Tuesday were not available at the time of reporting, it was noted that trading activity had moderated in the previous session, with turnover falling 48.24% to $646.51 million on Monday from $1.25 billion recorded on Friday.