The Nigerian naira weakened against the US dollar last week, closing at ₦1,603.78 at the Nigerian Foreign Exchange Market (NFEM), despite significant foreign exchange interventions by the Central Bank of Nigeria (CBN). The depreciation, which represents a 2.35% week-on-week decline, comes amid dwindling external reserves and persistent dollar demand from offshore investors. According to official … Continue reading Naira Slides To ₦1,603.78 Despite CBN’s $634.85M FX Injection, External Reserves Dip