The local currency strengthened to N1,550.36 per dollar on Friday, up from N1,554.85 on Thursday, marking a slight gain of N4.9 on a day-to-day basis.
However, at the black market, the Naira remained unchanged, trading at N1,590 on Friday—the same rate as the previous day.
Weekly Performance Overview
Despite Friday’s gain, the Naira experienced more depreciation than appreciation throughout the week. Except for Friday, the currency consistently lost value against the dollar at the official FX market.
Compared to last week’s closing rate of N1,517.24 per dollar, the Naira has weakened by N33.12, closing at N1,550.36 on Friday. Similarly, at the black market, the Naira dropped by N10 on a week-on-week basis, compared to the N1,580 rate recorded last Friday.
Implications
The slight appreciation on Friday offers a temporary reprieve for the Naira, which has faced significant pressure in recent weeks. However, the overall trend highlights ongoing challenges in stabilizing the currency amid fluctuating demand and supply dynamics in the foreign exchange market.