The naira closed the second week of November flat across the various foreign exchange markets, even as Nigeria’s external reserves continued to grow and provide some measure of support for the local currency.
According to data published by the Central Bank of Nigeria, the naira ended the week at N1,442.43 per dollar on Friday, reflecting a depreciation of 0.4 percent or N5.86 on a week-on-week basis when compared with the N1,436.57 recorded at the close of trading the previous Friday at the Nigerian Foreign Exchange Market.
Over the course of the five trading days in the official market, the currency lost N5.14 as the dollar was quoted at N1,442.43 on Friday against N1,437.29 quoted at the beginning of the week, indicating that pressure on the local currency persisted despite improved reserve levels.