The naira weakened against the dollar on Friday in the foreign exchange market, ending the week on a downward trend.
According to data from the Central Bank of Nigeria’s FX rate, the naira depreciated to N1,540.00 per dollar on Friday, compared to N1,532.00 on Thursday, reflecting a slight decline of N8 at the official market.
Similarly, in the black market, the naira fell to N1,660.00 per dollar on Friday, up from N1,640.00 recorded the previous day.
On a weekly basis, the naira registered losses in both markets. As of last Friday, it had closed at N1,535.00 and N1,600.00 per dollar in the official and parallel markets, respectively.
This depreciation occurs amid ongoing adjustments in the nation’s foreign exchange markets, following the introduction of the Electronic Foreign Exchange Matching System (EFEMS), a mechanism aimed at enhancing transparency in FX transactions.