The Nigerian Naira continued its downward trend against the US dollar, closing the week on a negative note. Traders reported increased demand for dollars, while supply from exporters remained limited, putting pressure on the local currency. The Central Bank of Nigeria (CBN) continues to monitor the situation closely.

Analysts noted that the ongoing depreciation reflects underlying economic pressures, including rising import costs and fluctuations in global oil prices. Investors are advised to remain cautious as foreign exchange volatility persists.

The Naira’s decline was observed across both official and parallel markets. In the parallel market, the local currency weakened further, reflecting market sentiment and increased demand for foreign currency. Experts warn that businesses and individuals may face higher costs for imported goods if the trend continues.

Financial commentators are urging the government to implement policies that stabilize the currency, including encouraging foreign investment and increasing local production. They emphasize that without intervention, the Naira may continue to lose value, impacting inflation and overall economic growth.