The Naira ended the week on a slightly weaker note, depreciating by N2.60 against the United States dollar to close at N1,450.42/$ on Friday at the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that the currency dipped by 0.17 per cent compared to Thursday’s closing rate of N1,447.82/$, extending a trend of modest fluctuations recorded throughout the week.
On Wednesday, the local currency traded at N1,447.64/$, a 0.1 per cent decline driven by sustained demand pressure and limited dollar supply in the official window. The depreciation continued a series of mild movements that began earlier in the week when the Naira exchanged at N1,445.39/$ on Tuesday, weaker than Monday’s N1,448.43/$.
Market analysts say the week’s trading pattern highlights the fragility of the official FX market, where frequent but moderate swings reflect ongoing supply constraints and seasonal demand.
The News Agency of Nigeria (NAN) reports that these modest losses have become increasingly common in recent months as the market adjusts to evolving monetary and fiscal interventions.
