The naira closed last week lower than the previous one. The currency depreciated by 0.14% year-on-week to $1,532.34/USD on

The weakening of the naira occurred despite the rebound in the naira, which reached its highest level in four months on the first day of trading, to close at $1,518.88. It then declined to $1,530.25, then to $1,533.11, before strengthening to close the week at $1,532.34 on the official market. Over the past week, the highest amount the naira was traded for was $1,538/$, and the lowest was $1,515/$ on the NFEM

On the parallel market, the currency closed trading in the band of $1,535.00 and $1,544.00/$1.

Analysts argued that the intervention of the Central Bank of Nigeria and the improvement of foreign exchange liquidity were essential to stabilizing the naira in the foreign exchange market.