The Naira ended the week weaker, closing at ₦1,444 to the dollar on Friday, according to the Central Bank of Nigeria.
It opened Monday at ₦1,437.50/$1, but rising demand pushed it to ₦1,440.89/$1 on Tuesday.
By Wednesday, traders drove it further down to ₦1,444.85/$1, before a mild recovery to ₦1,441/$1 on Thursday.
Nevertheless, Friday saw the currency weaken again, reflecting persistent market pressure.
Naira Weekly Slides
Compared with last Friday’s ₦1,438.5/$1, the Naira recorded a modest depreciation.
Analysts highlight that strong demand, limited FX supply, and speculative trading caused the slowdown.
In contrast, last week’s narrower range of ₦1,437.5/$1 to ₦1,441.75/$1 indicated a calmer market, showing that volatility intensified this week.
Rising Reserves
Nigeria’s foreign reserves rose to $43.5 billion, up from $43.32 billion.
Stronger oil inflows, improved non-oil receipts, and tighter FX management policies supported this growth.
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However, rising reserves alone cannot stabilise the currency amid ongoing demand-supply imbalances.
Black Market Pressure
In the black market, traders exchanged the Naira between ₦1,455/$1 and ₦1,463/$1.
Meanwhile, BDC operators struggled because the CBN suspended dollar allocations.
They reported rising costs and difficulty accessing official FX, threatening their operations.
Overall, despite growing reserves and a managed float, the Naira faces continued pressure.
Analysts argue that stabilising it requires stronger export earnings, improved investor confidence, and consistent policy interventions.
