The naira experienced a decrease in value compared to the dollar in the foreign exchange market as the week ended.
According to FMDQ data, the naira’s value against the dollar fell to N1,563.80 on Friday from N1,554.65 on Thursday.
The drop indicates a loss of N9.15 against the dollar in the foreign exchange market on Friday compared to the previous day’s N1,554.65.
Similarly, at the parallel foreign exchange market, the Nigerian currency depreciated to N1,560 against the dollar on Friday from N1,550 the day before.
This decline occurred as the FX transaction turnover decreased to $126.50 million on Friday from $348.82 million on Thursday.
The naira’s devaluation against the dollar occurred despite the Central Bank of Nigeria’s recent sale of $122.67 million to 45 authorized dealers.