December 6, 2025
The Naira had on Friday continued its downward slide against the US dollar for the week, closing at N1,454/$1 as foreign exchange market is pressured by rising festive season spending.
This is coming after maintaining relative stability in recent weeks, the currency faced renewed strain as importers, retailers, and consumers increased their demand for dollars in preparation for the yuletide season.
Official market data on the Central Bank of Nigeria’s (CBN) website throughout the week, reflected a steady weakening of the currency.
READ MORE; Naira Jumps To N1,950/£1 As Yuletide Rush Trigger British Pound Sterling Surge.
Naira traded at N1,450.01/$1 on Monday, appreciated to N1,447/$1 on Tuesday, and a slight slip to N1,447.5/$1 on Wednesday.
As at Thursday, it had depreciated to N1,449/$1, before closing the week at N1,454/$1 on Friday.
According to market sources, the naira traded at N1,469.5/$1 and N1,472/$1 during the week in Abuja
The trend was attributed by analysts to typical year-end spending patterns that drive up FX demand during the festive period.
A BDC operator at Wuse Zone 4 said that despite the Central Bank of Nigeria’s attempts to stabilise the market, factors such as speculative trading and increased import activity have placed additional pressure on the naira.
READ MORE; Naira Drops To N1,448 After FX Intervention.
This latest bout of depreciation comes as Federal Government has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), which includes a projected exchange rate of N1,512/$1 for 2026—an indication that policymakers are aligning forecasts with prevailing market conditions.
On the Week-on-Week Performance, naira Slips After Earlier Stability, compared to last week’s closing rate of N1,446.9/$1, the naira ended the current trading week on a weaker footing, consistently staying above the N1,447/$1 mark and surpassing the N1,450/$1 threshold on several occasions.
This comes in contrast to the previous week, when the currency showed signs of gradual recovery.
