The Nigerian currency, the Naira, weakened on Friday, reaching a rate of N1,475.35 against the US dollar in the official foreign exchange market, based on data from the Central Bank of Nigeria.
This decrease concluded a week of mixed results, where the Naira generally experienced slight declines over four straight days of trading.
The Central Bank’s figures showed that the Naira fell by N4.32 on Friday, a 0.29% decrease compared to the prior day’s rate of N1,471.02 per dollar.
Despite the general downward movement, the Naira showed a slight recovery on Thursday, increasing by 0.15%, a small gain of N2.26.
Earlier in the week, the Naira traded at N1,457.51 on Monday, N1,463.23 on Tuesday, and N1,473.29 on Wednesday, illustrating the currency’s volatile performance throughout the week.
Experts believe the week’s changes were due to higher demand for foreign currency and limited inflows of funds, which continue to affect short-term currency stability.
