At the end of the week’s trading day, the naira concluded on a negative note, depreciating against the dollar in the official foreign exchange market.
According to data from FMDQ, the naira weakened to N1,543.03 against the dollar on Friday, down from N1,541.23 per dollar recorded on Thursday, resulting in a loss of N1.8.
In contrast, the unofficial market otherwise known as the black market, saw the naira gaining ground against the dollar on Friday, closing at N1,655 per dollar, an improvement from N1,660 the previous day, marking a gain of N5.
It’s worth noting that on Thursday, the naira experienced its first appreciation against the dollar, coinciding with the CBN’s launch of non-resident Nigerian ordinary accounts and non-resident Nigerian investment accounts for citizens in the diaspora, aimed at boosting FX remittances.
