Economy
Naira Depreciates Against Dollar to End Week on a Negative Note
The Naira ended the week on a negative note, depreciating against the Dollar in the foreign exchange market on Friday.
Data from the FMDQ indicated that the Naira fell to N1483.99 per Dollar on Friday, down from N1481.49 on Thursday. This depreciation of N2.5 follows a brief appreciation on Thursday when the Naira was traded at N1481.49.
In the parallel market, the Naira also weakened, dropping to N1495 per Dollar on Friday compared to N1485 on Thursday.
These developments occurred despite an increase in foreign exchange transaction turnover, which rose to $269.27 million on Friday from $213.31 million on Thursday.
Earlier in the week, the Nigerian government confirmed receiving a $925 million disbursement from Afrieximbank. This is part of a $3.3 billion emergency crude oil repayment loan aimed at stabilizing the country’s forex shortage.