The Nigerian naira ended the week on a dismal note, depreciating further against the US dollar.
According to FMDQ data, the naira slipped to N1,652.25 per dollar on Friday, a N6.5 decline from Thursday’s rate of N1,645.45.
Black Market Rates
In the parallel market, the naira traded at N1,740 per dollar, slightly down from Thursday’s range of N1,738-N1,745.
CBN Interventions Fall Short
Despite efforts by the Central Bank of Nigeria to stabilize the currency, the naira recorded more losses than gains throughout the week.
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