Naira Weakens by N8 Against Dollar in Official Market

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.

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EKO HOT BLOG reports that 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.

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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.

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