Nigerian Currency Weakens, Traders Adjust Exchange Rates, Cost Rises

The Nigerian currency weakened against major foreign currencies, with the Naira trading at N1,451.86 per Dollar. Traders attribute the movement to increased foreign exchange requests and year-end business obligations.

The Central Bank of Nigeria's interventions aim to stabilize the market, with the Naira expected to trade within a narrow band. Analysts note a gradual adjustment in exchange rates amid geopolitical tensions and capital outflows.

The external reserves exceeding $45 billion provide some stability.