The Nigerian naira closed the week on a weaker note after extending its losing streak against the United States dollar at the official foreign exchange market on Friday.
According to data published by the Central Bank of Nigeria (CBN), the local currency depreciated to N1,380.93 per dollar on Friday, compared to N1,380.11 recorded on Thursday.
The latest figure represents a day-on-day decline of N0.82 for the naira at the official market.
The currency has now posted four consecutive losses against the dollar, shedding a total of N10.47 during the trading week.
Meanwhile, the naira remained largely unchanged at the parallel market, trading at N1,400 per dollar for most of the week.
The depreciation at the official market came despite continued growth in Nigeria’s foreign exchange reserves during the week, highlighting persistent pressure on the country’s currency.
