The naira ended the week on a weaker note against the US dollar at the official foreign exchange market on Friday, settling at ₦1,464.49 as sustained demand pressures continued to weigh on the local currency.
Data released by the Central Bank of Nigeria showed that the naira depreciated by 0.4 per cent from Thursday’s closing rate of ₦1,457.84.
The currency had started the week on a positive footing, recording an appreciation of ₦2.59 at the official window on Monday. However, the gains proved short-lived as demand for foreign exchange resurfaced, eroding early optimism.
By Monday, the naira traded at ₦1,451.81 before weakening further to ₦1,455.08 on Tuesday. The depreciation trend persisted on Wednesday, with the currency exchanging at ₦1,455.49, and continued through the rest of the week, culminating in Friday’s weaker close.
Despite the early gains, sustained pressure in the foreign exchange market limited the naira’s ability to hold its ground, highlighting ongoing challenges in balancing demand and supply at the official window.
