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Naira Declines in Official and Parallel Markets, Ends Week Lower
The naira ended the week weaker against the dollar, recording declines in both the official and parallel markets.
Data from FMDQ revealed a slight depreciation in the official exchange rate, with the naira trading at N1,541.68 per dollar on Friday, down from N1,541.38 the previous day, marking a loss of N0.3.
Similarly, in the parallel market, the naira closed at N1,775 per dollar on Friday, compared to N1,768 on Thursday, showing a steeper decline in value.
Despite these end-of-week losses, the naira displayed mixed performance throughout the week, appreciating on some days while depreciating on others.
Notably, during the week, President Bola Ahmed Tinubu announced a benchmark rate of N1,500 per dollar for foreign exchange in 2025, signaling potential changes in the nation’s forex policy direction.