Economy
Naira Depreciates to End Week on Negative Note
The naira concluded the week with a further depreciation against the dollar in the official foreign exchange market. According to FMDQ data, the naira fell to N1485.99 per dollar, down from N1484.75 on Thursday, marking a marginal loss of N1.24.
This decline marks the second instance of naira depreciation against the dollar within the past week. Since mid-April, the naira has experienced ongoing fluctuations in the forex market, despite interventions from the Central Bank of Nigeria (CBN).
CBN Governor Olayemi Cardoso attributed the currency’s volatility to seasonal fluctuations during the last 295th Monetary Policy Committee meeting.
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