The naira closed Friday’s trading session in the official market at N1,602/$1, a 0.31% decline from its previous rate of N1,597/$1.
Data from the Nigerian Foreign Exchange Market (NFEM) shows that the currency traded within a range of N1,600/$1 to N1,606.50/$1, before settling at its final closing rate.
Throughout the week, the naira had shown relative stability, hovering between N1,596 and N1,600 to the dollar. However, Friday’s dip followed a brief midweek rebound, during which the naira recorded its first significant appreciation in days.
This latest movement represents a 0.15% week-on-week decline, breaking a two-week pattern where the naira consistently closed around the N1,600/$1 mark.
In contrast, the parallel market showed a different trend. The naira appreciated to N1,600/$1, up from N1,606/$1, suggesting that demand pressures may have eased slightly on the streets.
On the international front, the naira appreciated by 0.28% against the euro, closing at N1,770/€1, compared to Wednesday’s N1,775/€1. However, it weakened against the British pound, falling to N2,105/£1 from N2,100/£1.
The week concluded with the naira losing ground against the dollar after a period of relative calm, stressing the instability in Nigeria’s foreign exchange market.
The Central Bank of Nigeria (CBN) is expected to maintain its interventions to stabilise the market and support the naira.
