The naira ended the week slightly weaker against the US dollar, closing at N1,464.49 at the official foreign exchange market on Friday.
Data from the Central Bank of Nigeria (CBN) showed a 0.4 per cent depreciation from Thursday’s closing rate of N1,457.84, reflecting continued pressure on the local currency.
Although the naira started the week on a positive note, gaining N2.59 at the official window on Monday, the currency struggled to maintain momentum as persistent demand for dollars weighed heavily on the market.
The local currency traded at N1,451.81 on Monday and N1,455.08 on Tuesday, before continuing its gradual decline to N1,455.49 on Wednesday and closing lower on Friday.
Analysts say the naira’s performance reflects sustained foreign exchange demand from importers and limited dollar supply in the official market, signaling continued volatility ahead.
The trend underscores the challenges facing Nigeria’s foreign exchange market as the CBN and other stakeholders work to stabilize the naira amid global economic pressures.
