The Nigerian naira posted a mixed performance across global foreign exchange markets last week, despite ongoing interventions from the Central Bank of Nigeria (CBN).
At the official window, the naira appreciated slightly by 0.03%, closing at ₦1,531.57 per US dollar. However, the local currency depreciated against major counterparts including the British pound, euro, and Brazilian real.
Data from the CBN showed exchange rates as follows:
- Pound Sterling: ₦2,063.57
- Euro: ₦1,788.60
- Chinese Yuan: ₦214.71
- Japanese Yen: ₦10.41
- US Dollar: ₦1,531.07
The naira lost 0.73% against the pound (up 7.84% year-to-date), and 0.71% against the euro (up 12.48% year-to-date). It also weakened by 0.75% against the yuan and 0.19% against the Brazilian real, which has appreciated by 14.46% in eight months.
Anchoria Limited noted that the depreciation reflects the strength of foreign currencies and domestic economic challenges. However, analysts expect relative short-term stability, supported by the CBN’s policy interventions and sustained foreign inflows.
