The Nigerian naira ended the week on a negative note, slumping further against the US dollar. According to FMDQ data, the naira depreciated to N1609.29 per dollar on Friday, a N5.49 loss from the previous day’s rate of N1603.80.
BLACK MARKET IMPACT:
The naira’s woes continued on the black market, where it depreciated to N1,595 per dollar on Friday, down from N1,590 the previous day. This marks a negative run for the naira against the dollar for the week.
CBN INTERVENTION:
The last time the naira appreciated against the dollar was last week when the Central Bank of Nigeria (CBN) intervened in the FX market by selling $106.5 million to authorized dealers. However, the impact was short-lived, and the naira has since continued its downward trend.
– Naira depreciates to N1609.29 per dollar on Friday
– N5.49 loss from previous day’s rate
– Black market rate falls to N1,595 per dollar
– CBN’s FX intervention last week had short-lived impact
– Naira’s downward trend continues
