The naira weakened slightly at the official foreign-exchange market on Tuesday, closing at ₦1,322.90 to the US dollar, as the currency came under modest pressure despite continued growth in the country’s external reserves.
Data from the Central Bank of Nigeria (CBN) show that the naira closed at ₦1,322.90/$ at the Nigerian Foreign Exchange Market (NFEM) compared with ₦1,320.00/$ in the previous session. The latest closing rate represents a 0.22% depreciation, equivalent to ₦2.90 per dollar.
Bureau de Change operators quoted the dollar at about ₦1,380 on September 9, compared with ₦1,390 a day earlier, indicating a ₦10 strengthening of the naira in the parallel market.
The pound was quoted at ₦1,854, compared with ₦1,855 previously, while the euro rose to ₦1,593 from ₦1,590. The Canadian dollar eased to ₦994 from ₦995.
Nigeria’s external reserves, meanwhile, continued to edge higher. CBN figures show reserves at $54.209 billion on September 7, up from $54.127 billion on September 4, representing an increase of $82 million, or 0.15%.
The relatively narrow gap, compared with the much wider spreads witnessed during periods of severe foreign-exchange shortages, remains one of the key indicators of conditions in Nigeria’s FX market.
