The naira recorded its sharpest single-day depreciation in recent days at the official market on Friday, even as it posted significant gains at the parallel market during the week.
The naira on Friday posted its highest single-day depreciation against the dollar at the official foreign exchange market in recent days, closing the week on a negative note. Data from the Central Bank of Nigeria (CBN) showed that the currency weakened to N1,346.32 per dollar, down from N1,341.35 traded the previous day. The N4.97 decline marked the steepest day-to-day drop since the naira began depreciating earlier in the week.
Since Wednesday, the naira has shed N10.36 at the official market, reflecting sustained pressure on the local currency. On a week-on-week basis, however, the currency appreciated marginally by N9.10 compared to the N1,355.42 per dollar recorded last Friday, despite the late-week slide.
Meanwhile, at the parallel market, the naira recorded a strong performance, closing at N1,317 per dollar, an improvement from N1,440 per dollar last week. The development represents a week-on-week gain of N123 at the black market, underscoring divergent trends between the official and unofficial foreign exchange segments.
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