The naira ended the week weaker across foreign exchange (FX) market segments amid slowing market liquidity, despite Nigeria’s external reserves rising to the Central Bank of Nigeria’s (CBN) projected target of $51.04 billion.
Data published by the CBN showed that the naira depreciated by N6.68, representing a 0.48 percent week-on-week decline, as the dollar was quoted at N1,370.46 on Friday at the Nigerian Foreign Exchange Market (NFEM), compared with N1,363.83 recorded on Thursday.
On a day-on-day basis, the local currency weakened by N7.16 or 0.52 percent from N1,363.30 quoted on Thursday. Over the five trading sessions of the week, the naira lost N14.19 or 1.04 percent from its opening rate of N1,356.27.
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Although NFEM turnover and transaction figures for Friday were not available as of press time, market activity showed signs of moderation. The number
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