The week started on a calm note, but pressure built steadily as trading progressed.
By Friday, the naira closed at ₦1,361.5/$, its weakest level in three weeks.
Naira Steady Weekly Decline
Data from the Central Bank of Nigeria shows a consistent pattern of losses across the week.
The currency opened at ₦1,349.67/$ on Monday, slipped to ₦1,350.99/$ on Tuesday, and eased further to ₦1,348.1/$ on Wednesday.
By Thursday, it weakened to ₦1,355/$ before ending the week at ₦1,361.5/$.
Compared with the previous week’s close of ₦1,342.5/$, the naira lost nearly ₦20 in five trading days.
Demand Continues To Outpace Supply
The movement reflects sustained pressure rather than a sudden market shock.
Importers and manufacturers continue to demand dollars for business operations, but supply remains limited.
This imbalance keeps widening the gap in the foreign exchange market and adds pressure on the naira.
Forex analyst Samuel Obadofin notes that demand often rises mid-week, which tends to push rates higher towards the end of the week.
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He adds that this pattern may persist until liquidity improves.
Global And Reserve Pressures Persist
Nigeria’s external reserves also slipped slightly, falling to $48.4 billion from $48.54 billion earlier in the week.
This adds to concerns about dollar availability in the market.
At the same time, global factors continue to weigh on the naira.
A stronger US dollar and fluctuations in oil prices are affecting Nigeria’s foreign earnings.
Although recent reforms have improved the structure of the foreign exchange market, short-term pressures remain.
CBN Governor Olayemi Cardoso has said the recent decline in reserves should not be a cause for concern.
For now, the naira’s direction depends largely on whether dollar supply can keep up with rising demand.