Naira Weakens 0.85% to N1,381.70/$ Amid Market Pressures

On July 10, 2023, the Nigerian naira closed at N1,381.70 to the US dollar, reflecting a 0.85% depreciation for the week, which equates to a drop of N11.70 from the previous week's closing rate of N1,370.00. The currency faced persistent pressure, with trading activity showing significant volatility throughout the week.

On July 6, the naira fell to N1,371.00, and by July 7, it had dropped further to N1,379.00. A brief stabilization occurred on July 8, where it held steady at N1,379.00 despite fluctuations between N1,376.10 and N1,387.10.

However, a slight decline on July 9 brought the rate to N1,379.25, culminating in a total loss of N2.45 by July 10. The Central Bank of Nigeria, led by Yemi Cardoso, is actively working to stabilize the foreign exchange market through interest rate hikes and efforts to clear the FX backlog.

The week saw a total market turnover rise to N220.18 million, peaking at N504.67 million mid-week before cooling off to N298.92 million by Friday.