The Nigerian Naira ended the week slightly weaker against the US dollar at the official foreign exchange market, slipping by 19 kobo on Friday.
According to data from the Central Bank of Nigeria (CBN), the local currency closed at ₦1,533.74 per dollar, compared to ₦1,533.55 recorded the previous day.
Throughout the week, the Naira experienced marginal fluctuations. On Wednesday, it traded at ₦1,534.52/$, a slight dip from Tuesday’s ₦1,533.18/$. The week had opened on a positive note, with the currency trading at ₦1,534.20/$ on Monday, but it eventually ended in a minor decline.
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Currency analysts say the subtle movements reflect persistent pressures in the foreign exchange market, driven by factors such as high import demand, global oil price trends, and ongoing economic policies.
The CBN has maintained that it will continue to monitor the market closely and intervene when necessary to stabilize the Naira and support overall economic growth.
Experts warn that even small shifts in exchange rates could influence import costs and inflation levels, which traders and consumers will be watching closely in the coming days.
