The Naira is currently facing challenges against the dollar as the gains made in the previous week begin to diminish.
Having ended the previous week at 1492.49 per dollar, the Naira is now trading above 1500 against the US currency.
A trader in Enugu, who identified himself as Adamu, stated that they are currently buying at 1500 and selling for 1520.
In Lagos and Abuja, the Naira is exchanging between N1503 and N1507 to one dollar.
This decline follows a three-day period of appreciation recorded last week.
Despite this setback, the Naira has remained relatively stable against the US Dollar, thanks to the CBN’s reforms aimed at enhancing transparency in the Foreign Exchange (FX) market.
Analysts continue to commend the CBN for the local currency’s steady progress since December 2024.
