The Nigerian Naira experienced a slight decline in value on Friday, closing at N1,602.18 per US dollar in the official foreign exchange market. According to data published on the Central Bank of Nigeria (CBN) website, the local currency depreciated by N5.49, marking a 0.34 percent drop compared to its previous rate of N1,596.69 recorded on Wednesday, April 30.
This downward movement followed the Workers’ Day public holiday observed on Thursday, May 1, which resulted in a brief pause in trading activities. Prior to the holiday, the Naira had maintained a relatively stable trajectory over three consecutive trading days—Monday, April 28 to Wednesday, April 30—trading at N1,599.95, N1,599.71, and N1,596.69, respectively.
Despite opening the trading week with a marginal loss of 0.02 percent, the local currency ultimately closed the week on a negative note, reflecting ongoing fluctuations in Nigeria’s foreign exchange market.
