The naira closed the week at N927.19/$, a 16.64% decline from the previous week, and the turnover of dollars traded in the market improved from $75.82m to $110.14m. The Central Bank of Nigeria's attempt to clear a backlog of foreign exchange forward contracts has been unsuccessful, with fiscal deficits and public debt increasing pressure on external reserves and contributing to exchange rate instability. Governor Olayemi Cardoso stated that improvements in FX market liquidity have been observed, with the market responding positively to tranche payments to 31 banks to clear the backlog of FX forward obligations. He emphasized the importance of the proper functioning of domestic and foreign currency markets and clear, transparent rules governing market operations. However, the Economic Intelligence Unit believes the Central Bank lacks the necessary firepower to clear the backlog of foreign exchange orders, causing the naira to remain under pressure.