Renewed pressure on foreign currency liquidity led to a slight depreciation of the Nigerian Naira against the US Dollar at the official Nigerian Foreign Exchange Market (NFEM) on Thursday.
Official data published by the Central Bank of Nigeria (CBN) revealed that the local currency slipped to ₦1,331.2812 per dollar, down from ₦1,329.8568 recorded on Wednesday.
Trading data during the session showed intraday exchange rates fluctuating between ₦1,328.50 and ₦1,333.00 per dollar, highlighting heightened demand for the greenback that temporarily outpaced available market liquidity.
Despite active participation from interbank market makers, overall dollar supply posted a noticeable drop compared to previous trading sessions. Interbank foreign exchange turnover contracted by over 6%, dropping to $84.217 million from the $89.355 million logged the previous day.
However, Nigeria’s external buffer showed continued strength amidst short-term market fluctuations. Gross foreign reserves expanded to $54.668 billion as of September 16, rising from $54.607 billion due to continuous accretions from key revenue channels.
Financial market analysts maintain a bullish outlook on the Naira’s long-term trajectory, supported by steady foreign exchange inflows into the local economy and sustained growth in external reserves.
