Business
BREAKING: Naira crashes massively against dollar at official, black market
The naira fell against the dollar in both official and parallel foreign exchange markets, ending the week on a low note.
FMDQ data revealed that the naira depreciated to N1598.56 per dollar on Friday, down from N1593.93 on Thursday, marking a loss of N4.63.
In the black market, the naira experienced a sharper decline, dropping by N25 from N1620 to N1645 per dollar on Friday.
Foreign exchange transaction turnover also rose to $172.80 million on Friday, up from $155.52 million recorded on Thursday, according to FMDQ data.
On a weekly basis, the naira lost N28.48 per dollar at the official market compared to last Friday’s rate of N1570.14.
At the parallel market, the naira fell by N30 from the previous week’s rate of N1615 per dollar.
These ongoing fluctuations in Nigeria’s FX market are attributed to the Central Bank of Nigeria’s Retail Dutch Auction System, which was reintroduced to address the rising demand for foreign exchange.
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