Local Currency Records Marginal Loss against the Dollar
The Naira ended the week on a weaker note at the official foreign exchange market, closing at N1,380.93 to the dollar on Friday.
Figures published by the Central Bank of Nigeria (CBN) showed the local currency lost 82 kobo, representing a 0.05 per cent decline compared with Thursday’s rate of N1,380.10.
The week began on a brighter footing, with the Naira trading at N1,369.10 on Monday, June 22.
It slipped slightly to N1,370.63 on Tuesday, weakened further to N1,380.07 on Wednesday, and eventually closed at N1,380.93 on Friday, reflecting a gradual decline across the trading days.
Market watchers say the movement underscores the pressures facing the local currency, with demand for dollars continuing to outweigh supply.
While the depreciation is marginal, the pattern highlights the volatility of Nigeria’s forex market, even as reforms and interventions aim to stabilise exchange rates.