The naira declined in the official market on Friday, closing at N1,539/$1, a drop from its previous close of N1,536/$1.
Despite ending the week on a decline, the currency still recorded a notable appreciation from the opening rate of N1,549/$1 at the start of the week. This is a 0.52% week-on-week improvement from last Friday’s close of N1,547/$1.
Throughout the week, the naira remained relatively stable, trading between N1,547/$1 and N1,549/$1, before appreciating to N1,536/$1 on Thursday.
According to data from the Nigerian Foreign Exchange Market (NFEM), the currency fluctuated between N1,535/$1 and N1,547/$1 during Friday’s trading session.
In the parallel market, the naira held steady at the previous rate of N1,560/$1 on Friday. It also appreciated against the British pound, closing at N2,140/£1 from the last close of N2,150/£1. Similarly, it appreciated slightly against the euro, strengthening to N1,765/€1 from N1,770/€1.
Despite rising demand for foreign currencies, the naira movement in the foreign exchange market has been relatively stable, reflecting the efforts of the Central Bank of Nigeria (CBN) in stabilising the market.
