Official exchange rate closes week at N1,665.50/$1 amidst demand pressure and forex decline  

The Naira experienced a decline against the US Dollar in the official market, concluding the week at N1,665.50/$1, amid sustained demand pressures that continued to exert downward pressure on the currency’s value. 

This decrease in the exchange rate coincided with a notable downturn in forex turnover, which plummeted by 21% to $151.93 million. 

Additionally, the situation was exacerbated by a significant surge in inflation, as reported by the National Bureau of Statistics (NBS) for January 2024.