The Nigerian naira closed the week weaker at ₦1,455.50 per US dollar in the official foreign exchange market, reflecting renewed pressure on the local currency as dollar demand intensified.

Mid-week data from the NAFEX window showed the naira softening by about 0.24%, driven largely by increased dollar demand from importers and businesses preparing for heightened festive-season activity. Traders noted that year-end pressures continue to weigh on the currency despite interventions by the Central Bank of Nigeria (CBN).

Analysts expect the naira to trade within the ₦1,445–₦1,460/$1 range in the coming days, supported by remittance inflows and intermittent liquidity injections by the CBN. However, sustained demand pressures may keep the currency on the defensive.

Across the region, currencies such as the Ghanaian cedi and Zambian kwacha are also trending weaker, highlighting broader FX challenges across African markets. Visit www.jocomms.com for more news.