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The naira closed at N1,366.73/$1 on Wednesday, July 30, recording only a marginal 3-kobo drop from the previous sessionInterbank FX turnover fell by 4.2% to $58.42 million as banks struggled to fully clear their foreign currency bidsNigeria’s external reserves dipped slightly to $51.922 billion, CBN data showed, amid persistent FX demand pressures
The Nigerian naira held mostly steady against the US dollar in the official market on Wednesday, July 30, even as foreign currency demand from banks kept pressure on the local currency.
Figures from the Nigerian Foreign Exchange Market (NFEM) placed the naira’s closing rate at N1,366.73 to the dollar, a drop of just 3 kobo from N1,366.71 recorded in the session before.
The slight movement came after three straight days of losses.
The local currency held steady against the dollar but depreciated sharply against the British pound Photo: BloombergSource: Getty Images
Naira Weakens Against Pound and Euro
The naira’s performance against other major
