Business
Naira Continues Downward Trend Amid FX Market Pressures
The Naira continued its downward trend against the US dollar for a second consecutive week in both official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria showed the local currency closed at N1,393.26 per dollar on Friday, weakening from N1,387.45. This represents a daily loss of N5.81 and a week-on-week decline of N29.87. Over the past two weeks, the Naira has lost a total of N46.94 at the official rate.
In the parallel market, the Naira also fell sharply, trading at N1,415 per dollar on Friday, compared with around N1,370 on February 23, according to several Bureau de Change operators in Wuse Zone 4, Abuja.
Analysts attribute the slide to recent interventions by the Central Bank, which withdrew dollars from circulation. President Bola Ahmed Tinubu recently confirmed the bank’s actions, highlighting efforts to manage foreign exchange supply.
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