ICAN Chairman asks members to research into causes and effects of cash crunch in Nigeria
The Nigerian Naira closed the week slightly weaker against the US dollar at the official foreign exchange market, losing 19 kobo on Friday.
The Naira traded at 1,533.74 to the dollar, showing a small decline compared to the previous day’s rate of 1,533.55.
Data from the Central Bank of Nigeria (CBN) revealed that the Naira’s value has been fluctuating throughout the week. On Wednesday, it traded at 1,534.52 per dollar, marking a slight depreciation from Tuesday’s rate of 1,533.18.
At the start of the week, on Monday, the Naira opened with a small gain, trading at 1,534.20 against the dollar. However, by the end of the week, the currency’s value dropped marginally.
Experts suggest that these small changes reflect ongoing pressures in the foreign exchange market, influenced by factors such as import demands, oil prices, and government policies.
The CBN continues to monitor the market closely and intervene where necessary to stabilize the currency and support economic growth.
This week’s movement in the Naira rate may impact import costs and inflation, which traders and consumers will be watching carefully in the coming days.
