The Naira depreciated on Friday, closing the week at N1,475.35 to the dollar at the official foreign exchange market, concluding a week of mild but steady losses attributed to increased demand and limited liquidity.
The Naira depreciated on Friday, October 17, trading at N1,475.35 to the dollar at the official foreign exchange market, according to figures released by the Central Bank of Nigeria (CBN), marking the end of a week characterized by fluctuating performance.
The local currency weakened by N4.32 on Friday, representing a 0.29 per cent loss compared with the previous day’s rate of N1,471.02 per dollar. This decline concluded a pattern of mild but steady depreciations over four consecutive trading days.
The Naira had started the week at N1,457.51 on Monday, experiencing losses on Tuesday (N1,463.23) and Wednesday (N1,473.29), despite a brief, modest rebound of 0.15 per cent on Thursday.
Analysts attributed the week’s unstable performance and overall downward trend to persistent “increased demand pressures in the foreign exchange market and limited liquidity inflows,” factors which continue to challenge short-term currency stability.