The naira posted a marginal loss against the United States dollar at the close of trading on Friday, ending the week slightly weaker at the official foreign exchange market despite beginning the week on a stronger note.
Figures published by the Central Bank of Nigeria (CBN) showed that the local currency settled at N1,380.93 per dollar, representing a depreciation of 82 kobo from Thursday's closing rate.
The latest exchange rate reflected a 0.05 per cent decline compared with Thursday's official rate of N1,380.10/$, indicating continued fluctuations in the country's foreign exchange market.
Although the loss recorded on Friday was relatively modest, the naira surrendered much of the gains it made at the beginning of the week.
The local currency had opened trading on Monday, June 22, at N1,369.10 per dollar, reflecting improved performance before gradually weakening over subsequent trading sessions.
On Tuesday, the exchange rate depreciated slightly to N1,370.63/$, while further pressure on the currency pushed it to N1,380.07/$ on Wednesday.
The trend continued into the latter part of the week, with Friday's close at N1,380.93/$ extending the gradual depreciation.
The movement in the official exchange rate comes amid continued efforts by monetary authorities to improve liquidity in the foreign exchange market, stabilise the naira and narrow exchange rate volatility.
Market analysts have noted that fluctuations in foreign exchange supply, demand pressures and broader macroeconomic conditions continue to influence the performance of the local currency at both the official and parallel markets.