The Naira closed the week with a significant drop against the US Dollar at the official foreign exchange market on Friday, reflecting ongoing volatility in Nigeria’s currency markets.
According to data from the Central Bank of Nigeria (CBN), the Naira weakened to ₦1,602.18/$1 on Friday, compared to ₦1,596.68/$1 recorded on Thursday—marking a ₦5.49 depreciation, the sharpest single-day drop since April 22, 2025.
In contrast, the parallel market (black market) saw the Naira appreciate slightly by ₦3, moving from ₦1,608/$1 on Thursday to ₦1,605/$1 on Friday.
The fluctuations highlight persistent instability in Nigeria’s foreign exchange markets, despite the CBN’s interventions and broader efforts to stabilize the currency.
Market analysts attribute the volatility to fluctuating FX supply, demand pressures, and speculative trading—factors that continue to challenge exchange rate stability across both official and unofficial channels.
