The naira closed weaker against the US dollar on Wednesday, September 9, at N1,334/$ in the interbank foreign exchange market, down from N1,322.90/$ recorded on Tuesday.
The currency shed 0.84 percent as it retraced some of its recent gains in the Nigerian Foreign Exchange Market.
The News Chronicle reports that interbank FX turnover jumped sharply to $94.43 million from $55.60 million a day earlier, a jump of 69.82 percent.
The currency varied between N1,321.50/$ and N1,334/$ during the session with the weighted average rate at N1,329.21/$.
Interbank activity also surged as 86 deals were registered compared with 58 on Tuesday, an increase of 28 deals or 48.28 percent.
The latest movement leaves the naira N14 weaker than its September 7 close of N1,320/$, although it remains stronger than the N1,349.99/$ recorded on August 24.
The weaker close came despite higher transaction activity, suggesting that increased interbank demand did not translate into gains for the local currency.
Nigeria’s external reserves recently crossed $54 billion, while foreign exchange utilisation reached $50.93 billion in 2025, highlighting the continued importance of dollar liquidity to the currency market.
