Business
Naira Weakens Against Dollar at Official Market
The Naira closed the week lower against the US dollar at the official market, exchanging at N1,602.18 per dollar on Friday, according to data from the Central Bank of Nigeria (CBN). This marks a depreciation of N5.49 or 0.34 per cent from the rate of N1,596.69 recorded on Wednesday, April 30, before the public holiday on May 1.
The local currency had held relatively steady earlier in the week, trading at N1,599.95 on Monday, N1,599.71 on Tuesday, and N1,596.69 on Wednesday. However, Friday’s decline signals a shift after a period of stability. The week had also started with a marginal drop of 0.02 per cent.
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