The Naira returned to depreciation against the US dollar at the official foreign exchange market on Friday, ending the week on a weaker note.
Data from the Central Bank of Nigeria showed that the Naira closed at ₦1,442.43 per dollar on Friday, down from ₦1,441.44 recorded the previous day. This reflects a daily decline of 0.99 against the greenback.
At the parallel market, the Naira remained unchanged at ₦1,465 per dollar, the same rate as Thursday.
According to DAILY POST, the Naira fell four times during the week under review, losing a total of ₦5.86 at the official market.
This depreciation comes despite a continued increase in Nigeria’s external reserves, which rose to $43.54 billion as of Thursday, up from $43.35 billion the previous week.
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