Market News
Nigerian currency extends depreciation - DAILY POST
The naira continued to depreciate against the dollar at the official foreign exchange market on Friday, ending the week on a negative note. Data from the Central Bank of Nigeria showed that the naira weakened further on Friday to N1,362.21 per dollar, down from N1,358.75 traded on Thursday.
This means that, on a day-to-day basis, the naira depreciated by N3.46.
DAILY POST reports that Friday’s downturn marked the second consecutive depreciation at the official foreign exchange market during the week under review.
Meanwhile, at the black market, the naira remained unchanged at N1,395 per dollar on Friday, the same rate recorded on Thursday.
DAILY POST reports that while the naira recorded mixed sentiments at the official foreign exchange market, it remained flat at the parallel market throughout the week.
The development comes as the country’s foreign reserves rose to $50.04 billion as of June 4, 2026.
