The naira edged up slightly against the US dollar at the official foreign exchange market to close the week at N1,626.00/$1 on Friday.
The gain is based on data published by the Central Bank of Nigeria (CBN), when compared to the previous day’s rate of N1,630.50/$1,
During the week, the naira opened on Monday at N1,629.00/$1, appreciated slightly to N1,615.00/$1 on Tuesday, but weakened to N1,644.00/$1 by Wednesday. It then recovered to N1,630.50/$1 on Thursday before closing the week stronger at N1,626.00/$1 on Friday.
In the parallel market, the naira also witnessed mild fluctuations but remained largely stable throughout the week. It closed at N1,624.35/$1 on Friday, a marginal depreciation from N1,621/$1 recorded the previous day.
In the parallel market, the naira began the week on Tuesday, trading at N1,585/$1, appreciated slightly to N1,580/$1 on Wednesday, but weakened to N1,621/$1 on Thursday, and further depreciated to N1,624.35/$1 by Friday.
Market watchers attribute the divergence between the official and parallel market rates to continued demand pressure, FX illiquidity, and speculative trading behavior.
At the close of trading on Friday, the naira was exchanged at N1,591.85/$1, according to the CBN. Against other major currencies, the naira traded at N2,090.57/£1 and N1,815.82/€1.
The CBN said it continues its intervention policies to stabilize the foreign exchange market, including weekly sales to Bureau De Change operators and ongoing efforts to boost FX supply from non-oil sources.
