The naira closed last week weaker against the US dollar at the official Nigerian Foreign Exchange Market, falling by 0.14. This came despite an initial rebound to a four-month high of ₦1,518.88/on the week’s first trading day.
The currency later fluctuated, trading as low as ₦1,530.25/ and ₦1,533.11/before slightly recovering. The highest exchange recorded during the week was ₦1,538/, while the lowest stood at ₦1,515/.
In the parallel market, the naira traded within a narrow band of ₦1,535–₦1,544/.
Analysts from Cowry Assets Management noted the naira experienced mixed performance, appreciating slightly by 0.06% week-on-week at the parallel market, while slipping at the official window. They attributed the divergent trends to supply-demand imbalances and evolving FX liquidity.
Analysts remain optimistic, saying sustained CBN interventions, improved oil output, and stronger dollar inflows may bolster the naira in the coming weeks.
