Market News
Naira wobbles at Official Market, ends Week slightly down - NAN
By Grace Alegba
The naira closed the trading week on a slightly weaker note at the official foreign exchange market on Friday, exchanging at N1,366.19 to the U.S. dollar, according to data from the Central Bank of Nigeria (CBN).
Figures published on the CBN’s website showed that the local currency depreciated by 13 kobo, representing a 0.01 per cent decline from Thursday’s closing rate of A1,366.05 to the dollar.
Despite the marginal loss at the close of the week, the naira maintained relative stability, supported by recent foreign exchange reforms introduced by the apex bank. The currency, however, experienced fluctuations during the week’s trading sessions.
On Wednesday, the naira strengthened significantly, appreciating by N14.63 to close at N1,358.28 per dollar. It also recorded gains on Tuesday, rising by N17.44 to trade at N1,372.91 at the official window.
The week had opened on Monday with the naira trading weaker at N1,390.36 to the dollar, before staging a midweek recovery that helped cushion overall losses.
The News Agency of Nigeria notes that the naira’s performance reflects cautious stability amid ongoing reforms, with movements largely influenced by liquidity conditions and demand pressures at the official market.
