Naira posts weekly loss as dollar liquidity slows despite rising reserves

The naira experienced a decline in value across various foreign exchange market segments over the past week, attributed to a decrease in dollar liquidity. This downturn occurred despite an increase in Nigeria's foreign reserves, which typically supports the national currency. Market analysts noted that the reduced availability of dollars has impacted trading dynamics, leading to the naira's depreciation against the US dollar. The situation underscores ongoing challenges within the foreign exchange market.

Read More