Data from the Central Bank of Nigeria (CBN) revealed that the currency closed at N1,534.72/$1 at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday. This marks a marginal gain of 4.52 kobo, or 0.05%, compared to Thursday’s closing rate of N1,534.79/$1.
Throughout the week, the Naira showed signs of fragility, slipping slightly on most days before Friday’s mild recovery. On Wednesday, it traded at N1,535.62, following Tuesday’s rate of N1,535.24, indicating minor daily depreciations. The week had opened on a cautious note, with the currency losing 20 kobo on Monday.
Despite the modest weekly gain, analysts note that the local currency continues to face downward pressure amid persistent demand for dollars, limited supply, and lingering structural challenges in the foreign exchange ecosystem.
Market observers say that while the late-week recovery may suggest some intervention or market adjustment, the outlook for the Naira remains cautiously optimistic. Ongoing efforts by the Central Bank to stabilise the forex market — including tightening monetary policy and clearing FX backlogs — are expected to influence the medium-term trajectory of the currency.
For now, the Naira's marginal rebound offers a brief respite but also underscores the volatility that still characterises Nigeria’s forex landscape.