Naira Ends the Week on a Slightly Weaker Note, Records Marginal Loss Against U.S. Dollar.
The Nigerian Naira concluded trading on Friday with a minor depreciation 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 the day at a rate of ₦1,533.74 per U.S. dollar, marking a modest loss of 19 kobo compared to the previous day’s rate.
Dollar to Naira Fluctuation
The CBN’s official data indicated that on Thursday, the Naira exchanged at ₦1,533.55/$1, showing a relatively stable performance within the week but continuing to hover around similar levels. This trend of marginal fluctuation was evident throughout the week’s trading activity.
On Wednesday, the Naira experienced a slight depreciation as it was valued at ₦1,534.52 to the dollar, weakening marginally when compared to the ₦1,533.18 rate recorded on Tuesday. Despite the minor dip, the change remained within a narrow range, reflecting a generally steady but fragile exchange rate movement.
Dollar to Naira Record on Monday
The week began on Monday with a slightly stronger showing for the Naira. It opened trading at ₦1,534.20 to one U.S. dollar, representing a modest gain compared to previous sessions. However, this small recovery was short-lived, as the currency failed to maintain upward momentum over the following days.
Overall, the Naira’s performance throughout the week was characterized by slight daily fluctuations, with no significant volatility or sharp movement either upward or downward. Analysts suggest that the narrow trading range may reflect ongoing market uncertainties and the impact of central bank interventions aimed at stabilizing the exchange rate in the face of persistent demand for foreign currency.
The modest weakening observed on Friday signals continued pressure on the local currency amid broader macroeconomic challenges, including foreign exchange liquidity constraints and ongoing inflationary pressures. As stakeholders monitor these developments, market participants remain cautious, awaiting policy directions or structural reforms that could influence currency stability in the coming weeks.
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