Market News
Naira depreciates against USD to end week on negative note - DAILY POST
The naira depreciated against the United States dollar at the official foreign exchange market on Friday.
Central Bank of Nigeria, CBN, data showed that the naira weakened to N1,332.26 per dollar on Friday, from N1,331.61 recorded on Thursday.
This means that, on a day-to-day basis, the naira depreciated by N0.65 against the dollar.
However, on a week-on-week basis, the naira gained N1.07 against the dollar at the official foreign exchange market.
DAILY POST reports that the naira appreciated to N1,370 per dollar at the parallel market on Friday, after remaining stable at N1,375 per dollar since Monday.
The development comes as the country’s external reserves stood at $55.09 billion, according to CBN data.
DAILY POST reports that the naira recorded mixed performance against the dollar during the week under review.
