The naira recorded a negative trading performance during the week as the naira weakened by 0.99 per cent at the official Nigerian Foreign Exchange Market to 1,456.72/$ as of Friday, from 1,442.43/$ in the previous week. At the parallel market, the currency traded weaker within the range of 1,470/$ and 1,475/$.
According to media report, “The naira moved within a noticeably wider trading band this week, fluctuating between N1,440 and N1,460 at the official window as softer inflows met firmer dollar demand.” By the close of trading, “the currency had weakened by 0.98 per cent to close at N1,456.72 per dollar.” A similar movement was seen in the black market, where the naira slipped marginally by 0.20 per cent to N1,475 per dollar.