Business
Naira Ends Week Weaker Amid Continued Depreciation
The naira continued its slide against the dollar at the official foreign exchange market, closing the week on a negative note. According to data from the Central Bank of Nigeria, the local currency fell to N1,567.02 per dollar on Friday, marking a drop of N14.49 from Thursday’s closing rate of N1,552.53.
Despite the decline in the official market, the naira held steady in the black market, maintaining an exchange rate of N1,560 per dollar on both Thursday and Friday.
The naira’s continued depreciation comes in the wake of recent economic uncertainties, with reports linking its steepest drop this week to global reactions following U.S. President Donald Trump’s announcement of new tariffs on Wednesday.
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