Over the past three weeks, the Nigerian Naira has shown persistent weakness against the U.S. Dollar, closing at ₦1,595/$1 on June 14, 2025, compared to ₦1,608/$1 on May 26. This may seem like a minor change, but the underlying trend paints a bigger picture.
Analyzing the data from May 26 to June 14:
The average daily change was negative, with 11 out of 19 days showing a decline in Naira value.
The biggest single-day dip occurred on June 12, when the Naira dropped from ₦1,605 to ₦1,604 after five straight losing sessions.
The only notable uptick happened on June 8–9, with a mild recovery from ₦1,605 to ₦1,608.
This signals short-lived rebounds within a larger downtrend, suggesting traders and currency holders remain cautious.
Increased Demand for FX: End-of-quarter obligations (imports, school fees, travel) likely fueled dollar demand.
Inflationary Pressures: With Nigeria’s inflation still climbing, foreign investors remain hesitant.
Uncertain Fiscal Policy: Mixed messaging on subsidy removals, monetary tightening, and fiscal balance has impacted confidence in the Naira.
Oil Revenues & Global Markets: While oil prices are relatively stable, Nigeria’s inability to scale production or reduce dependency on imports weighs on FX reserves.
If the current trend persists :
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Use trend indicators to anticipate short-term movements.
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