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Naira Weakens Against Dollar: Weekly Recap and Market Analysis

The naira depreciated against the dollar in the foreign currency market, ending the week on a sour note.

According to FMDQ statistics, the naira fell to N1,563.80 per dollar on Friday, from N1,554.65 on Thursday.

This reflects a N9.15 loss versus the dollar in the foreign currency market on Friday, compared to N1,554.65 exchanged the day before.

In a similar vein, the naira lost value versus the dollar on Friday, falling from N1,550 to N1,560 on the alternative foreign currency market. the day before.

This trend coincides with a decline in FX transaction turnover from $348.82 million on Thursday to $126.50 million on Friday.

The Central Bank of Nigeria recently sold $122.67 million to 45 authorized dealers, yet this did not stop the naira’s decline versus the dollar.

Sodiq Soda
Sodiq Soda
I’m Sodiq Oluwadamilare Soda, a Web Developer/Web Design also a Graphic Designer.
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