Naira ends week weaker as dollar demand pressures persist

The Naira closed lower against the Dollar at the official foreign exchange market on Friday, according to figures from the Central Bank of Nigeria (CBN).
The drop capped a week of mixed trading sessions in which the local currency experienced four straight days of slight declines.

CBN data showed that the Naira lost ground on Friday trading at N1,475.35 to the dollar at the official foreign exchange market, marking a mild depreciation of 0.29 per cent.

Earlier in the week, the Naira traded at N1,457.51 on Monday, N1,463.23 on Tuesday, and N1,473.29 on Wednesday, reflecting its unstable performance across sessions.

Analysts linked the fluctuations to sustained demand pressures in the foreign exchange market and limited liquidity inflows, factors they say continue to affect short-term currency stability.