Nigeria’s currency weakened slightly at the close of the week, with the naira settling at ₦1,374 to the dollar amid continued volatility in the foreign exchange market.
Data from the Central Bank of Nigeria showed fluctuations across the trading week, with the currency opening at ₦1,369/$ on Monday, dropping to ₦1,383/$ on Tuesday, recovering to ₦1,370.5/$ on Wednesday, and closing at ₦1,374/$ on Thursday.
Markets were shut on Friday in observance of International Workers’ Day.
The latest figure represents a week-on-week depreciation from ₦1,361.5/$ recorded the previous Friday, with trading ranging between ₦1,369/$ and ₦1,383/$.
External reserves also declined, falling to $48.36 billion as of April 29 from $48.51 billion on April 21.
Market analysts attributed the drop about $731 million within three weeks to ongoing interventions by the apex bank and external financial obligations.
Traders noted that structural challenges, including restricted access for Bureau De Change operators to the official market, have continued to constrain dollar supply in the retail segment.
Global pressures have compounded the situation, with a stronger dollar supported by expectations around U.S. Federal Reserve policy placing additional strain on emerging market currencies such as the naira.
Olayemi Cardoso, governor of the apex bank has, however, expressed confidence in the bank’s capacity to manage the situation, projecting that reserves could rise to $51 billion by year-end as part of ongoing stabilisation efforts.
