Market News
Nigerian currency depreciates to end week negative -
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The Naira extended depreciation against the dollar to end the week on a negative note at the official foreign exchange market on Friday.
The Central Bank of Nigeria’s data showed the Naira weakened to N1,380.93 per dollar on Friday from N1,380.11 exchanged on Thursday.
This means that on a day-to-day basis the naira dropped by N0.82 against the dollar at the official foreign exchange market.
DAILY POST reports that the Nigerian currency recorded four consecutive loses against the dollar, shedding N10.47 in the week under review.
Meanwhile, at the black market, the naira remained flat at N1,400 per dollar for the major part of the week.
The development comes as the country’s foreign exchange sustained a surge against the dollar in the week under review.
