Naira depreciates against dollar at official forex market
The naira depreciated on Friday, trading at N1,475.35 to the dollar at the official foreign exchange market, according to figures released by the Central Bank of Nigeria.
The decline marked the end of a week characterised by fluctuating performance, during which the local currency experienced steady but mild depreciations over four consecutive trading days.
CBN data revealed that the Naira weakened by N4.32 on Friday, representing a 0.29 per cent loss compared with Thursday’s rate of N1,471.02 per dollar.
In spite of the overall downward trend, the Naira recorded a brief rebound on Thursday, appreciating by 0.15 per cent, equivalent to a modest gain of N2.26.
Earlier in the week, the Naira exchanged at N1,457.51 on Monday, N1,463.23 on Tuesday, and N1,473.29 on Wednesday, reflecting the currency’s unstable performance across the trading sessions.
Analysts attributed the week’s fluctuations to increased demand pressures in the foreign exchange market and limited liquidity inflows, which continue to influence short-term currency stability.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Makinde charges Oyo commissioners to stay committed as administration enters final lap
Mr Makinde urged government appointees to prioritise legacy over tenure, citing the late Obafemi Awolowo as an example.
States
Oyo police arrest man, recover pistol, drugs
The police said the investigation is ongoing, with efforts intensified to identify, track, and apprehend the fleeing suspects.
States
Gov. Sani appoints new aides, board chairs to enhance service delivery
Mr Musa said that the appointments are part of the ongoing efforts to strengthen governance and inject fresh energy into public service.
States
Police detain suspect over illegal possession of firearm in Enugu
The police said a concealed locally made double-barrelled pistol was found in the suspect’s possession during a search.
Politics
Appeal Court upholds judgment barring INEC from recognising Mark-led ADC congresses
Justice Mohammed held that the case that precipitated the restraining order bordered on a non-justiciable internal affair of a political party.
Heading 5
NMDPRA seals Mobil, Mangerborn Energy in Ogun for under-dispensing fuel
Mr Adebowale stated that the action became necessary due to repeated breaches of regulatory requirements by the affected filling stations.
