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)
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