Naira crashes against dollar at official, black markets

The naira declined against the dollar in both the official and parallel foreign exchange markets, closing the week with a downward trend.

According to FMDQ data, the naira slightly weakened to N1,541.68 per dollar on Friday, compared to N1,541.38 on Thursday, reflecting a loss of N0.3.

In the parallel market, the naira ended at N1,775 per dollar on Friday, up from N1,768 on Thursday.

Despite this, IDOMA VOICE notes that the naira experienced more gains than losses during the week under review.

Meanwhile, President Bola Ahmed Tinubu on Wednesday announced a foreign exchange benchmark of N1,500 per dollar for 2025.