Naira Continues Downward Trend Against Major Currencies
The Nigerian Naira continued its downward trend against major currencies in the country's foreign exchange market. In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the currency dipped by 81 Kobo or 0.06 per cent to N1,365.69/$1 from N1,364.88/$1 on Friday.
The losses were also seen in the official market where the Naira lost N1.08 against the Pound Sterling and N1.23 against the Euro. At the GTBank forex counter, the currency weakened by N2 to settle at N1,371/$1 compared with Thursday's N1,369/$1.
The Central Bank of Nigeria (CBN)'s presence in the market may ease demand pressure next week, allowing the Naira to hold steady. In contrast, some analysts predict that businesses expect the Naira to appreciate against the Dollar by January 2027.