Despite higher turnover, the Naira continues to weaken against dollar
On Friday, Nigeria’s currency, the Naira, experienced a slight drop in value, closing at ₦1,652.25 against the U.S. dollar in the official market. This represents a modest decline of ₦2.05, or 0.12%, from Thursday’s rate of ₦1,650.20 per dollar, according to FMDQ Exchange data.
Despite the depreciation, daily turnover at the official market saw a notable surge, increasing from $214.73 million on Thursday to $296.63 million on Friday.
In the Investors and Exporters (I&E) window, the Naira fluctuated between ₦1,699.00 and ₦1,620.00 per dollar, underscoring the ongoing volatility and pressures on the currency.
Experts link the Naira’s continued slide to strong demand for foreign exchange and deep-seated structural economic challenges. Although the rise in daily turnover highlights increased market activity, it has yet to stabilize the currency’s value.
Market analysts are closely watching the situation as the Central Bank of Nigeria and policymakers face growing calls to address the persistent issues undermining the Naira.
