- Agency Report
The naira ended the week slightly weaker against the US dollar on Friday, closing at N1,464.49 at the official foreign exchange market.
Data published on the Central Bank of Nigeria’s website showed a 0.4 per cent depreciation from Thursday’s closing rate of N1,457.84.
In spite of opening the week on a positive note, the local currency failed to sustain gains amid sustained demand pressures.
The naira began the week stronger, appreciating by N2.59 at the official window on Monday.
However, it weakened gradually, trading at N1,451.81 on Monday and N1,455.08 on Tuesday.
The depreciation trend persisted on Wednesday, with the currency exchanging at N1,455.49 before closing lower on Friday. NAN