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  • Naira depreciates, end week on negative note

Naira depreciates, end week on negative note

Naira depreciates, end week on negative note

The naira depreciated against the dollar at the official foreign exchange market, ending the week on a negative note.

Data from the Central Bank of Nigeria showed that the naira dropped to N1,536.89 per dollar on Friday from N1,530.62 traded on Thursday.

This represents a decline of N6.27 per dollar on a day-to-day basis.

Meanwhile, on the black market, the naira remained stable at N1,580 per dollar on Friday, maintaining the same rate since Wednesday.

Further analysis indicated that while the naira remained relatively stable in the black market, it fluctuated at the official market throughout the week.

On a week-on-week basis, the naira lost N13.47 against the dollar compared to the N1,536.89 traded this Friday.

However, on the black market, the naira gained N10 against the dollar.

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