Naira dips to N1,549.35/$ after Sallah, Democracy breaks

The Naira closed the trading week on a weaker footing on Friday, settling at N1,549.35 to the US Dollar at the official market, according to data published on the Central Bank of Nigeria’s website.

This reflects a decline of N9.62k from the previous close, amounting to a 0.6 per cent depreciation when compared to the N1,539.72 rate recorded on Wednesday, 11 June, prior to the Democracy Day public holiday.

The currency, which had maintained relative stability since December 2024, displayed signs of renewed volatility during the week’s trading activities.

The recent Sallah holiday, which began on Friday, 6 June and was extended through Monday, 9 June, disrupted trading, with the foreign exchange market opening only on Tuesday and Wednesday before closing again for the 12 June Democracy Day observance.

On Tuesday, 10 June, the Naira appreciated slightly, trading at N1,540.04 to the dollar. This represented a 0.8 per cent gain from the N1,553.11 recorded on Thursday, 5 June.

Despite the midweek recovery, the local currency ended the week lower, as the market adjusted to post-holiday dynamics and limited trading sessions.