Naira gains N13 as weekly FX turnover falls by $1.05 billion
The naira strengthened to N1,322.50/$ at the Nigerian Foreign Exchange Market (NFEM) on Friday, extending its recent appreciation against the US dollar despite a significant decline in weekly foreign exchange turnover. The post Naira gains N13 as weekly FX turnover falls by $1.05 billion appeared first on Nairametrics .
The Nigerian currency, the naira, experienced an increase of N13 (0.97%) to N1,322.50/$ on Friday, September 4. This weekly gain follows a decline in foreign exchange turnover, which dropped by $1.05 billion, from $3.19 billion to $2.14 billion. The decline in turnover, from $3.19 billion on August 31 to $2.14 billion on September 4, contrasts with a steady or strengthening naira throughout the week.
The naira opened the week at N1,335.50/$ on August 31, climbed to N1,329/$ on September 1, N1,324.50/$ on September 2, and closed at N1,322.50/$ on September 4. NFEM turnover in the latest week totaled $2.14 billion, significantly lower than the previous week's $3.19 billion, due to the reported data from the Central Bank of Nigeria (CBN).
The naira's recent strength aligns with an improved external position for Nigeria, surpassing the Central Bank's projected reserve level of $51.04 billion for 2026.
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