The Nigerian Naira ended the trading week on a marginally weaker note, closing at ₦1,533.74 per US dollar on Friday, according to data from the Central Bank of Nigeria (CBN).
This represents a 19 kobo drop from Thursday’s exchange rate of ₦1,533.55, continuing a volatile trend observed throughout the week.
On Wednesday, the Naira slipped to ₦1,534.52, having opened Tuesday at ₦1,533.18, while Monday saw a temporary uptick with the currency trading at ₦1,534.20.
Financial analysts believe the fluctuation is largely driven by persistent demand pressure on the dollar in both official and parallel markets.
Market watchers remain cautious, noting that unless liquidity improves or significant forex inflows arrive, the Naira may continue on its downward trajectory.
The CBN has yet to issue any new intervention policy to stabilise the market, despite rising concern among importers and foreign investors.
As traders brace for another turbulent week, the currency’s outlook remains uncertain, with hopes pinned on reforms and external inflows to shore up its value.
