The Nigerian naira ended the week on a downward trend at the official foreign exchange market, depreciating to ₦1,539.24/$ on Friday, according to data from the Central Bank of Nigeria (CBN).
This represents a ₦3.12 drop compared to Thursday’s closing rate of ₦1,536.08/$. The loss followed a sharp ₦13.18 gain recorded the previous day, reflecting continued volatility in the official FX market.
At the parallel (black) market, however, the naira appreciated to ₦1,570/$, improving from ₦1,580/$ traded the day before.
On a week-on-week basis, the naira gained ₦8.12 at the official window (from ₦1,547.36/$ last Friday) and strengthened by ₦30 at the black market (from ₦1,600/$).
Analysts say the fluctuating exchange rate underscores Nigeria’s ongoing liquidity challenges and uncertainties around forex supply.
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