Official Market: Naira Ends Week Weaker Against Dollar
By OBIOMA TORI
Dollar Demand Pushes Naira Lower
THE naira closed weaker at the official foreign exchange market on Friday, settling at ₦1,464.49 to the dollar, as renewed demand for foreign currency outweighed earlier support.
CBN data showed the currency lost 0.4 per cent compared to Thursday’s close of ₦1,457.84, extending a gradual depreciation observed through the week.
Short-Lived Strength at Week’s Open
At the start of the week, the naira showed signs of recovery, appreciating slightly on Monday. The optimism, however, faded as market pressures returned.
The currency traded at ₦1,451.81 on Monday before easing to ₦1,455.08 on Tuesday, signalling weakening sentiment.
Pressure Persists Midweek
The depreciation trend persisted on Wednesday, with the naira closing at ₦1,455.49, before slipping further by the end of the trading week, highlighting ongoing challenges in stabilising the official FX market.
