The naira closed at ₦1,536.89/$1 in the official market on Friday, a 0.40% decline from the previous day’s rate of ₦1,530.62/$1.
This is a 0.58% drop from the week’s opening price of ₦1,528.03/$1 and a 1.25% decline on a week-on-week basis.
Although the naira started the week on a bad note, erasing the profits recorded the previous Friday, it managed to stabilise midweek, closing at nearly the same rate on Wednesday and Thursday.
However, the currency lost ground on Friday, reversing all its weekly gains to settle at ₦1,536.89/$1.
Data from the Nigerian Foreign Exchange Market (NAFEM) showed that the naira traded within a range of ₦1,540/$1 (high) and ₦1,535/$1 (low) during Friday’s session.
Despite its depreciation in the official market, the naira held steady in the parallel market, maintaining ₦1,580/$1, the same as Thursday’s rate.
However, against the British pound, it declined by 0.25% to ₦2,015/£1 from ₦2,010/£1. Similarly, it weakened by 0.30% against the euro, dropping to ₦1,685/€1 from ₦1,680/€1.
