The Naira on Friday weakened further against the U.S. Dollar, closing at N1,475.35 at the official foreign exchange window, according to figures published by the Central Bank of Nigeria (CBN).
This marks a N4.32 decline from Thursday’s closing rate of N1,471.02, representing a 0.29 per cent loss, and extends the local currency’s run of mild depreciations for the fourth consecutive trading day.
Earlier in the week, the Naira exchanged at N1,457.51 on Monday, N1,463.23 on Tuesday, and N1,473.29 on Wednesday, reflecting a pattern of fluctuating performance throughout the trading sessions.
Despite the overall decline, the Naira recorded a brief recovery on Thursday, gaining N2.26 (0.15%) before reversing on Friday.
Financial analysts attributed the week’s instability to rising demand for foreign currencies and limited liquidity inflows, both of which continue to exert pressure on the market and restrict short-term stability.
They also noted that investor sentiment remains cautious as foreign exchange supply constraints persist, pending further interventions from the apex bank.