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Naira Weakens Versus The Dollar To Finish The Week Poorly

At the foreign currency market on Friday, the Naira lost value relative to the US dollar, which meant that the week ended poorly.

The Naira lost value compared to the dollar on Friday, falling to N1483.99 from N1481.49 on Thursday, according to FMDQ statistics.

In comparison to the N1481.49 traded on Thursday, when the Naira somewhat rose, this indicates a N2.5 depreciation.

In a similar vein, the Naira lost value versus the dollar at the parallel market segment, falling from N1,485 on Thursday to N1,495 on Friday.

The changes occur in spite of the fact that the volume of foreign exchange transactions increased from $213.31 million on Thursday to $269.27 million on Friday.

The Nigerian government announced on Wednesday that it has received a $925 million payment from Afrieximbank, which is a portion of the $3.3 billion emergency loan for the repayment of crude oil, which was intended to stabilize the country’s foreign exchange crisis.

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


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