The Nigerian naira continued its struggle in the official foreign exchange market, depreciating by 1.25% week-on-week to close at ₦1536.89/$ on Friday.
Data from the Central Bank of Nigeria (CBN) showed that the currency started the week at ₦1528.03/$, dropping from ₦1517.93/$ in the previous session. The naira further weakened to ₦1532.93/$ midweek before showing slight recovery on Wednesday and Thursday. However, by the end of the trading week, it slid back to ₦1536.89/$.
The decline comes amid stalled negotiations between the Nigerian National Petroleum Corporation Limited (NNPCL) and local refineries over the naira-for-crude agreement. Talks are expected to resume this week, with discussions focused on extending the agreement.
Meanwhile, Dangote Petroleum Refinery has temporarily suspended the sale of petroleum products in naira, citing currency mismatches. Industry analysts warn that this move could further strain the foreign exchange market, as dealers would need to source more US dollars to secure fuel imports.
Despite continued CBN interventions aimed at increasing FX supply to banks and Bureau de Change operators, experts caution that short-term measures alone may not resolve Nigeria’s ongoing forex challenges without deeper structural economic reforms.
