By Adeyemi David
The Nigerian naira closed the trading week ended February 7 on a slightly weaker note at the official foreign exchange market, reflecting mild volatility amid persistent dollar demand.
Data from the Central Bank of Nigeria showed the currency settled at ₦1,366.19 per dollar on Friday, representing a 0.01 per cent decline from Thursday’s rate of ₦1,366.05.
The naira experienced fluctuations during the week before posting the marginal loss. It strengthened midweek to ₦1,358.28, gaining ₦14.63 against the U.S. currency, and also appreciated on Tuesday by ₦17.44 to trade at ₦1,372.91 per dollar.
Trading opened on Monday at ₦1,390.36, indicating an overall improvement from the start of the week despite the slight depreciation recorded at the close.
Market analysts attribute the pressure on the naira partly to global developments, as the U.S. dollar climbed to a two-week high amid renewed investor caution, weighing on emerging-market currencies including Nigeria’s.
Earlier in the week, the currency had already retreated from a ten-day rally, weakening by about ₦7.78 to close near ₦1,366.06, while the parallel market rate hovered around ₦1,452 per dollar.
Despite the pullback, the naira has remained relatively stable below the ₦1,400 threshold, supported by sustained interventions and improved foreign-exchange liquidity, which analysts say have helped anchor market expectations.
Overall, the week’s performance highlights a pattern of cautious stability, with the local currency navigating external headwinds while avoiding sharp swings in the official market.
