The naira closed the week on a depreciating note in the black market on Friday, falling to N1,535/$1 from the previous day’s rate of N1,525/$1.
This marks a 0.33% decline from the currency’s opening rate of N1,530/$1 at the start of week on Monday.
The British pound traded at a buy price of N2,085/£1 and a sell price of N2,100/£1, while the euro stood at N1,775/€1 to buy and N1,795/€1 to sell.
In the official market, the naira appreciated to N1,501/$1 from its previous rate of N1,502/$1, marking a 0.92% appreciation week-on-week from its last Friday close of N1,515/$1.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira fluctuating between N1,498/$1 and N1,504/$1 during Friday’s trading session.
The fluctuations in the naira’s value against the dollar remain a key indicator of Nigeria’s economic outlook. Maintaining stability will rely on a mix of sound monetary policies, external market developments, and domestic economic performance while renewing investor confidence.
