Naira weakens to N1,602.18/$ as FX pressure resurfaces at official market

The Nigerian Naira closed the week on a downward note, depreciating against the U.S. dollar to N1,602.18 at the official foreign exchange market on Friday, May 2.

According to figures from the Central Bank of Nigeria (CBN), the local currency lost N5.49 in value compared to the N1,596.69 rate recorded on Wednesday, April 30, before the Workers’ Day holiday.

This 0.34% drop marked a reversal after a relatively stable start to the week. From Monday, April 28, to Wednesday, April 30, the Naira traded at N1,599.95, N1,599.71, and N1,596.69 per dollar respectively, showing minimal movement.

However, Friday’s decline suggests renewed pressure on the Naira, which had already begun the week with a marginal 0.02% drop. The weakening trend underscores ongoing challenges in Nigeria’s foreign exchange market, despite recent efforts by the CBN to stabilize the currency.