Naira wobbles at Official Market, ends Week slightly down
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Despite the marginal loss at the close of the week, the naira maintained relative stability, supported by recent foreign exchange reforms introduced by the apex bank. The currency, however, experienced fluctuations during the week’s trading sessions.
The naira closed the trading week on a slightly weaker note at the official foreign exchange market on Friday, exchanging at ₦1,366.19 to the U.S. dollar, according to data from the Central Bank of Nigeria (CBN).
Figures published on the CBN’s website showed that the local currency depreciated by 13 kobo, representing a 0.01 per cent decline from Thursday’s closing rate of ₦1,366.05 to the dollar.
Despite the marginal loss at the close of the week, the naira maintained relative stability, supported by recent foreign exchange reforms introduced by the apex bank. The currency, however, experienced fluctuations during the week’s trading sessions.
On Wednesday, the naira strengthened significantly, appreciating by ₦14.63 to close at ₦1,358.28 per dollar. It also recorded gains on Tuesday, rising by ₦17.44 to trade at ₦1,372.91 at the official window.
The week had opened on Monday with the naira trading weaker at ₦1,390.36 to the dollar, before staging a midweek recovery that helped cushion overall losses.
The News Agency of Nigeria notes that the naira’s performance reflects cautious stability amid ongoing reforms, with movements largely influenced by liquidity conditions and demand pressures at the official market.
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