The official foreign exchange market witnessed a decline in the value of the naira against the dollar at the end of the week.
According to FMDQ data, the naira’s exchange rate depreciated to N1579.89 per dollar on Friday, compared to N1,564.4 on Tuesday, indicating a depreciation of N15.41.
On the other hand, the Nigerian currency maintained its rate at N1600 per dollar at the black market on Friday, the same as the previous day.
This change occurred after a significant appreciation of the naira on Thursday.
Throughout the week, the naira’s performance against the dollar varied due to the Central Bank of Nigeria’s implementation of the Retail Dutch Auction System.