The naira weakened against the dollar on Friday in the foreign exchange market, ending the week on a negative trajectory.
According to data from the Central Bank of Nigeria’s FX rate, the naira depreciated to ₦1,540.00 per dollar on Friday, down from ₦1,532.00 on Thursday. This marks a decline of ₦8 at the official market.
Similarly, in the parallel market, the naira closed at ₦1,660.00 per dollar on Friday, compared to ₦1,640.00 the previous day.
On a week-on-week basis, the naira registered losses across both markets. It is worth noting that the currency closed last week at ₦1,535.00 and ₦1,600.00 per dollar in the official and parallel FX markets, respectively.
This trend arises as Nigeria’s foreign exchange markets continue adjusting to the recently introduced Electronic Foreign Exchange Matching System (EFEMS), aimed at fostering transparency in FX transactions.
