Naira exchange rate decline persists as it loses 19 kobo, closing at N1,533.74/\$1 Friday. CBN data shows gradual depreciation throughout the trading week
Naira exchange rate decline continued through the week, closing slightly weaker against the U.S. dollar on Friday at N1,533.74, a loss of 19 kobo compared to the previous day’s figure.
According to data from the Central Bank of Nigeria (CBN), the local currency traded at N1,533.55 on Thursday. The depreciation followed a consistent trend over the week, showing only minor fluctuations in value.
On Wednesday, the naira dipped slightly to N1,534.52, compared to Tuesday’s stronger rate of N1,533.18. Interestingly, the week had opened on a marginally positive note with the naira trading at N1,534.20 on Monday.
The consistent softness of the naira suggests continued pressure in the foreign exchange market, with traders and analysts keeping a close watch on monetary policy signals and dollar inflows.
Though the movement remains subtle, the naira exchange rate decline highlights the delicate balance the CBN must maintain in stabilizing the currency amidst global and domestic economic pressures.
