The Nigerian Naira ended the trading week on a marginally weaker note, losing 19 kobo against the U.S. dollar in the official foreign exchange market. According to data published by the Central Bank of Nigeria (CBN), the local currency closed on Friday at N1,533.74/$1 compared to N1,533.55/$1 recorded on Thursday.
The minor depreciation marked the continuation of a fluctuating trend throughout the week. On Wednesday, the Naira had slipped to N1,534.52/$1, slightly weaker than Tuesday’s rate of N1,533.18/$1. The week had opened on Monday with the Naira trading at N1,534.20/$1, showing a modest gain compared to the previous session.
Overall, the Naira’s performance reflected persistent pressure on the foreign exchange market, driven by ongoing demand for dollars from importers, businesses, and investors. Analysts say while the fluctuations were relatively minor, the consistent lack of upward momentum highlights continuing concerns over forex liquidity and market stability.
The Central Bank has recently implemented several reforms aimed at improving dollar supply and narrowing the gap between official and parallel market rates, but market watchers note that sustained gains will depend heavily on increased foreign inflows, improved investor confidence, and rising oil revenues.
