The Naira closed the week on a downward trajectory, depreciating to N1,602.18 per dollar at the official market on Friday, May 2, according to data published by the Central Bank of Nigeria (CBN).
This represents a loss of N5.49 or 0.34 per cent compared to the exchange rate of N1,596.69 recorded on Wednesday, April 30, the last trading day before the Workers’ Day holiday on May 1.
The local currency had shown signs of short-term stability earlier in the week, trading at N1,599.95 on Monday, N1,599.71 on Tuesday, and N1,596.69 on Wednesday. However, Friday’s performance marks a reversal of that modest trend.
The Naira also opened the trading week with a slight decline of 0.02 per cent, reflecting ongoing volatility in the foreign exchange market despite regulatory efforts to stabilise the currency.
Analysts attribute the pressure on the Naira to persistent demand for dollars, limited foreign inflows, and macroeconomic uncertainties, which continue to affect investor confidence and FX supply.
