Naira Slides by N1.33 to ₦1,343.63, Ending Two-Week Rally
The Nigerian naira closed the week at ₦1,343.63 per dollar in the official market, slipping by N1.33 from the previous day’s ₦1,342.30 rate. This 0.09% dip reverses two weeks of gains after the currency strengthened from Monday’s ₦1,356.18 to midweek rates near ₦1,343.74. A modest pullback on Friday capped a volatile week within a tight trading band. On the streets of Lagos, the naira traded between ₦1,385 and ₦1,410 per dollar, reflecting persistent demand pressures and the gap between official and parallel rates. Economists attribute the recent calm to steady FX inflows, Central Bank interventions, and reforms since 2023, but caution that inflation, fiscal deficits, and global risks could sway the naira’s next moves.
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