Naira Weakens Against Dollar to Close Week on a Downward Trend; See Rate to Dollar
The Naira weakened against the Dollar on Friday in the foreign exchange market, closing the week on a negative trajectory. According to FMDQ data, the Naira fell to N1483.99 per Dollar on Friday, down from N1481.49 on Thursday, marking a depreciation of N2.5.
In the parallel market, the Naira also depreciated, slipping to N1,495 per Dollar on Friday from N1,485 on Thursday.
These declines occurred despite an increase in foreign exchange transaction turnover, which rose to $269.27 million on Friday from $213.31 million on Thursday.
Additionally, on Wednesday, the Nigerian government announced it had received a $925 million disbursement from Afrieximbank as part of a $3.3 billion emergency crude oil repayment loan aimed at stabilizing the nation’s foreign exchange shortage.
