Naira weakens against dollar to end week on negative note

The naira weakened against the dollar on Friday at the foreign exchange market, closing the week on a negative note.

Data from the Central Bank of Nigeria’s FX rate showed that the naira fell to N1,540.00 per dollar on Friday, compared to N1,532.00 on Thursday. This represents a slight depreciation of N8 against the dollar at the official market.

Similarly, the naira closed at N1,660.00 per dollar on Friday in the black market, up from N1,640.00 recorded on Thursday.

On a week-on-week basis, the naira recorded losses in both FX markets. Media Talk Africa recalls that the naira closed at N1,535.00 and N1,600.00 per dollar at the official and parallel FX markets, respectively, last Friday.

This development comes as the nation’s FX markets continue to adapt to the recently introduced Electronic Foreign Exchange Matching System, EFEMS, designed to promote transparency in FX transactions.