Naira Weakens 84 Kobo to ₦1,329.51/$ at NFEM

The naira weakened by 84 kobo against the US dollar at Nigeria’s official foreign-exchange market on Friday, September 25, as the Central Bank of Nigeria listed the NFEM rate at ₦1,329.51 per dollar. Contemporary market reporting put the previous day’s rate at ₦1,328.67, correcting an 18-kobo change stated in the queued report.

The move was about 0.06 per cent. The CBN identifies its NFEM rate as a volume-weighted average and lists the closing rate, high, low and simple average separately, so the ₦1,329.51 figure should not be read as a retail bank quote or as the parallel-market rate.

For businesses that settle dollar obligations around the official market, a higher naira-per-dollar rate can raise the local-currency cost of an invoice. The effect depends on when payment is made, how a company sources currency and whether it has hedged its exposure; a single session’s movement does not show how those costs will change over time.

The daily update is a narrow market signal rather than evidence of a broader shift. The next NFEM readings, the distinction between the CBN’s average and closing measures, and available turnover data will show whether the move persisted.