Naira slumps against dollar at official market to close week negatively

The naira returned to depreciation against the dollar at the official foreign exchange market on Friday to end the week on a negative note.

According to the Central Bank of Nigeria’s exchange data, the naira weakened to N1,530.26 per dollar on Friday from N1,525.98 on Thursday.

This means that the naira declined by N4.28 per dollar when compared to the N1,525.98 exchanged on Thursday.

Meanwhile, at the black market, the naira has remained stable at N1,550 per dollar, the same rate recorded since Tuesday this week.

At the official foreign market, the naira dropped slightly against the dollar on a week-on-week basis by N1.70 from N1,528.56 traded last week Friday, unlike at the parallel market, where it gained N20.

Naira slumps against dollar at official market to close week negatively