Lagos: The naira closed the week lower against the US dollar on Friday, settling at ₦1,464.49 at the official foreign exchange window, reflecting sustained demand pressures on the local currency.
Data published on the Central Bank of Nigeria’s website showed a 0.4 per cent depreciation from Thursday’s closing rate of N1,457.84.
Despite opening the week on a positive note, the local currency failed to sustain gains amid sustained demand pressures.
The naira began the week stronger, appreciating by N2.59 at the official window on Monday.
However, it weakened gradually, trading at N1,451.81 on Monday and N1,455.08 on Tuesday.
The depreciation trend persisted on Wednesday, with the currency exchanging at N1,455.49 before closing lower on Friday.