Naira weakens against Dollar at official, black markets

The naira weakened further on Friday, exchanging at N1,495 per dollar in the parallel market, compared with N1,490 recorded the previous day.

The local currency also depreciated slightly at the Nigerian Foreign Exchange Market (NFEM), where it closed at N1,421.9 per dollar.

Figures released by the Central Bank of Nigeria (CBN) showed that the official indicative rate moved from N1,421.5 per dollar on Thursday to N1,421.9, representing a 4-kobo decline.

Consequently, the disparity between the official and parallel markets expanded to N73.1 per dollar, up from N68.5 a day earlier.

On a weekly basis, the naira shed N1.4 against the dollar at the official window, while it ended the week unchanged at N1,495 per dollar in the parallel market the same level at which it opened.