The Naira lost a bit more ground last week, closing at ₦1,532.34 per US dollar at the official market, despite strong efforts by the Central Bank of Nigeria (CBN) to keep it steady.

The local currency had started the week strong, even hitting a four-month high of ₦1,518.88/$, but couldn’t hold on. By midweek, it began to slide, touching ₦1,530.25/$ and eventually ending Friday at ₦1,532.34/$.

In the parallel market, the Naira traded between ₦1,535 and ₦1,544 to the dollar, showing a slight gap between the official and street rates.

Analysts say the ups and downs reflect Nigeria’s ongoing struggle with dollar supply and demand. While the CBN has been selling dollars to support the Naira and improve liquidity, it’s still not enough to fully stabilize the market.

Financial analysts at Cowry Assets noted that while the Naira actually gained slightly in the parallel market (up 0.06%), it still lost value in the official window, showing how mixed the market signals remain.

There is, however, some good news:

Oil production is up. According to the Nigerian Upstream Petroleum Regulatory Commission, crude oil output rose to 1.51 million barrels per day in June, the highest in five months.

Foreign reserves grew by $422 million, now sitting at $37.85 billion, thanks to stronger oil earnings and CBN interventions.

CBN also sold dollars twice last week to manage the demand and ease market pressure.

As Nigeria’s Monetary Policy Committee (MPC) kicks off its meeting this week, experts are divided on what the next move should be. Some want a small cut in interest rates to boost economic growth, while others fear that could reverse recent progress in stabilizing the Naira and fighting inflation.

Still, many analysts believe that if oil prices stay high and dollar inflows improve, the Naira may stay within its current range in the short term — at least until global markets shift or fresh economic policies are introduced.

 The Naira is still under pressure, but rising oil earnings and Central Bank support are offering some hope for better days ahead.