By Tunji Faleye
The naira weakened slightly against the U.S. dollar at the close of trading on Friday, ending the day at N1,602/$1 — a 0.31% depreciation from its previous close of N1,597/$1.
According to data from the Nigerian Foreign Exchange Market (NFEM), trading fluctuated between N1,600/$1 and N1,606.50/$1 before settling at the final rate.
Throughout the week, the naira had shown relative stability, maintaining a range between N1,596 and N1,600 per dollar. Friday’s slip, however, came after a brief midweek rally, during which the currency had posted notable gains for the first time in several days.
Overall, the naira registered a 0.15% decline week-on-week, marking an end to a two-week trend where it had consistently closed near the N1,600/$1 threshold.
Meanwhile, activity in the parallel market reflected a different pattern. There, the naira strengthened slightly, trading at N1,600/$1 compared to the previous rate of N1,606/$1, indicating a mild reduction in street-level demand pressures.
Against other major currencies, the naira posted mixed results. It gained 0.28% against the euro, appreciating to N1,770/€1 from Wednesday’s N1,775/€1, but weakened against the British pound, falling to N2,105/£1 from N2,100/£1.
The week wrapped up with the naira losing momentum against the dollar after a period of relative steadiness, highlighting ongoing volatility in Nigeria’s forex market.
The Central Bank of Nigeria (CBN) is expected to continue its interventions to shore up the naira and stabilize the broader foreign exchange environment.
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