Dollar Strengthens Against Naira at Official Market
The naira has depreciated against the dollar at the official market, trading at N1,602.18 to the dollar as of Friday.
According to data from the Central Bank of Nigeria website, the naira lost N5.49, representing a 0.34% loss compared to the N1,596.69 per dollar recorded on Wednesday, April 30.
The naira had remained relatively stable for three trading days prior to the depreciation, trading at N1,599.95, N1,599.71, and N1,596.69 on Monday, Tuesday, and Wednesday, respectively.
The local currency closed the current week on a negative note, having opened the trading week with a minimal loss of 0.02%.
The depreciation of the naira against the dollar is a significant development in the foreign exchange market. The trend will likely have implications for businesses and individuals involved in international trade.
