馃嚦馃嚞NigeriaWest Africa
Nigerian naira weakens 0.85% to N1,381.70 against the dollar
via Punch Nigeria9 min read
The Nigerian naira concluded the trading week on Friday, July 10, at N1,381.70 to the United States dollar, marking a 0.85% week-on-week depreciation. This represents an N11.70 drop from the N1,370.00/$1 closing rate recorded on July 3, making it the weakest weekly level for the local currency. The naira faced consistent pressure, closing lower on four of the five trading days. It began the week with a marginal slip on Monday, July 6, closing at N1,371.00/$1, and further declined to N1,379.00/$1 by Tuesday, July 7. Although it held steady on Wednesday, July 8, at N1,379.00/$1 despite volatile intraday trading, a slight drop on Thursday brought the rate to N1,379.25/$1, culminating in a final N2.45 loss on Friday. Market activity in the Nigerian Foreign Exchange Market saw total turnover peak at $504.67 million on Wednesday before cooling off. This volatility occurs despite ongoing efforts by the Yemi Cardoso-led Central Bank of Nigeria to stabilize the foreign exchange market through interest rate hikes and clearing verified FX backlogs. Analysts note that seasonal demand for import clearances and foreign tuition payments continue to exert significant pressure, indicating that demand for international payments still outpaces available dollar supplies.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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