Naira Declines to ₦1,349.50 Against Dollar Amid Demand

On November 5, the Nigerian naira experienced renewed pressure against the dollar, trading at ₦1,349.50 per dollar during the session, according to data from the Central Bank of Nigeria (CBN). This volatility followed a period of relative stability, which had been supported by the CBN's interventions to enhance dollar liquidity.

The official closing rate showed a slight improvement to ₦1,345.7983 per dollar, a marginal appreciation of approximately ₦1.14 from the previous session's ₦1,346.9348. However, the trading range between ₦1,346 and ₦1,349.50 highlighted ongoing challenges for the naira, driven by demand from importers and businesses needing foreign currency for international payments.

Additionally, total foreign exchange turnover fell by 15.15% to $100.929 million, down from $118.957 million in the previous session, with completed transactions decreasing from 117 to 97. This slowdown indicated reduced market participation amid persistent dollar demand for settling import bills and corporate obligations.