The naira ended the week weaker in the official foreign exchange (FX) market as renewed demand for the dollar outweighed rising FX inflows and stronger external reserves.
Data from the Central Bank of Nigeria (CBN) showed that the naira depreciated by N10.47 week-on-week, with the dollar quoted at N1,380.93 on Friday at the Nigerian Foreign Exchange Market (NFEM), representing a 0.76 percent decline from N1,370.46 recorded on Friday last week.
On a day-on-day basis, the local currency closed almost flat, shedding 82 kobo from N1,380.11 per dollar traded on Thursday.
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Over the five trading sessions, the naira weakened by 0.86 percent or N11.82 from its opening rate of N1,369.11 on Monday.
In the parallel market, also known as the black market, the local currency closed unchanged at N1,395 per dollar. The gap between the official and
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