Naira weakens by 0.34% against dollar at official market

The Naira closed lower against the U.S. dollar on Friday at the official foreign exchange market, exchanging at N1,602.18 per dollar.

Figures published on the Central Bank of Nigeria’s (CBN) website indicated a depreciation of N5.49 in the value of the local currency.

This marks a 0.34 per cent decline from the N1,596.69 per dollar rate reported on Wednesday, April 30, ahead of the Workers’ Day holiday observed on Thursday, May 1.

During the three trading sessions from Monday, April 28, to Wednesday, April 30, the Naira had held relatively steady at N1,599.95, N1,599.71, and N1,596.69 per dollar, respectively.

Ending the week in negative territory, the local currency had also started the trading week with a marginal 0.02 per cent drop.