The official Investor and Exporter forex window recorded the naira closing the week at N927.19/$, reflecting a 16.64% decrease from the previous week’s N794.89/$, as reported by the FMDQ Securities Exchange.
The market also witnessed an increased dollar turnover from $75.82m to $110.14m during this period.
On Friday, the naira’s day started at N815.00/$, reaching a high of N1160/$ and a low of N701/$ before concluding at N927.19/$.
Last week’s Friday saw the naira trading between N1136/$ and N700.00/$.
Despite efforts by the Central Bank of Nigeria to address foreign exchange challenges, the naira continues its decline.
Governor Olayemi Cardoso acknowledged at the Chartered Institute of Bankers of Nigeria event that fiscal deficits and rising public debt contribute to the exchange rate instability.
The governor emphasized the need for transparent market rules, aiming for daily FX trade exceeding $1.0bn.
Cardoso outlined the bank’s commitment to developing new FX guidelines, with consultations planned before implementation.
However, the Economic Intelligence Unit expressed skepticism about the CBN’s ability to clear the foreign exchange backlog, citing an unsupportive monetary policy and predicting ongoing pressure on the naira.
