The Nigerian Naira has reversed its recent gains, depreciating against the United States dollar at the official foreign exchange market on Friday. According to data from the Central Bank of Nigeria, the Naira dropped to N1,442.43 against the dollar, down from N1,441.44 the previous day, representing a 0.99 decline.

This downturn marks a negative end to the week for the Naira, which had experienced fluctuations in recent days. In contrast, the black market rate remained stable at N1,465 per dollar on Friday, unchanged from the previous day’s rate.

Over the course of the week, the Naira has weakened significantly, shedding N5.86 at the official foreign exchange market. This decline is notable, given the recent increase in Nigeria’s external reserves, which rose to $43.54 billion as of Thursday, up from $43.35 billion the previous Friday.

The Central Bank of Nigeria’s data indicates that the Naira has dropped four times during the week, despite the growth in external reserves. This trend suggests that the Naira’s value remains volatile, influenced by various market factors.

The depreciation of the Naira against the US dollar may have implications for Nigeria’s economy, particularly in terms of import costs and foreign investment. As the country’s economy continues to evolve, the performance of the Naira will be closely watched by investors, businesses, and policymakers.

The recent fluctuations in the Naira’s value highlight the complexities of Nigeria’s foreign exchange market, where various factors interact to influence currency rates. As the country navigates its economic challenges, the stability of the Naira will remain a key area of focus, with potential impacts on trade, inflation, and economic growth.