Business
Naira Weakens at Official Market, Ends Week in Red
The naira closed the week on a negative note, depreciating against the dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria, the currency weakened to N1,536.89 per dollar on Friday, down from N1,530.62 recorded on Thursday—marking a daily decline of N6.27.
In contrast, the black market held steady, with the naira maintaining a rate of N1,580 per dollar since Wednesday, showing no changes through the end of the week.
Despite relative stability in the unofficial market, the naira experienced fluctuations at the official window throughout the week. On a week-on-week basis, the currency lost N13.47 against the dollar in the official market. However, it gained N10 in the black market over the same period.
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