The naira ended the trading week on a positive note, reaching a value of N1,532.34 for each U.S. dollar at the official market on Friday, amidst the mourning of the former president, Muhammadu Buhari.
Information from the Central Bank of Nigeria, showed that the naira gained 77 kobo against the dollar, which is a small increase of 0.05% compared to the previous day’s rate of N1,533.11 per dollar.
In the week before, the local currency had been steadily improving, even starting the new week with a notable gain of N11.37 against the dollar on Monday, July 14, 2025.
However, the country entered a period of mourning after the death of former President Muhammadu Buhari on Sunday, July 13, 2025, at a hospital in London at the age of 82.
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President Bola Tinubu announced a week of national mourning and declared Tuesday a public holiday to honor Buhari’s memory.
Buhari was buried in his hometown of Daura in Katsina State on Tuesday.
After the public holiday ended on Wednesday, the naira experienced a significant drop, losing N11.36 in value.
The following day, Thursday, it fell further by N2.85, but managed to recover slightly, gaining back 77 kobo on Friday.