The Nigerian naira experienced a demanding week at the official foreign exchange window, extending its losses to close at its weakest weekly level against the United States dollar despite recent regulatory interventions by the Central Bank of Nigeria.
According to official data released by the CBN, the local currency closed the trading week on Friday, 10 July, at N1,381.70/$1. This marks a 0.85 per cent week-on-week depreciation, representing an N11.70 drop compared to the N1,370.00/$1 closing rate recorded the previous Friday, 3 July.
The local currency faced persistent pressure from market forces, closing lower on four of the five available trading days. The week started with a marginal slip on Monday, 6 July, as the naira fell by N1 to close at N1,371.00/$1.
Selling pressure accelerated on Tuesday, 7 July, dragging the currency down by another N8 to end the day at N1,379.00/$1.
The slide temporarily paused on Wednesday, 8 July, when the naira held steady at N1,379.00/$1 despite highly volatile intraday trading that saw rates swing between N1,376/$1 and N1,387/$1. Related News APC, PDP complete candidates upload as INEC extends deadline Ogun warns traders as refuse overruns Lagos-Ibadan Expressway Lagos hosts QEDNG summit on Nigeria’s creative economy
