Naira returned to depreciation against the United States dollar at the official foreign exchange market on Friday to end the week on a negative note.
The Central Bank of Nigeria’s data showed that the Naira dropped on Friday to N1,442.43 against the dollar, down from N1,441.44 was exchanged that previous day.
This means that on a day-to-day basis, the Naira weakened by 0.99 against the dollar.
Meanwhile, at the black market, the Naira remained flat at N1,465 per dollar on Friday, the same rate recorded on Thursday.
DAILY POST reports that in the week under review, the Naira dropped four times, shedding N5.86 at the official foreign exchange market, according to the apex bank data.
This comes despite the sustained rise in the country’s external reserves, which rose to
$43.54 billion as of Thursday, up from last week Friday’s $43.35 billion.
