Naira Ends Week on a Negative Note, Depreciates Further Against the Dollar

The Naira ended the week on a sour note, depreciating against the Dollar at both the official and parallel markets on Friday. According to FMDQ data, the Naira fell to N1483.99 per Dollar from N1481.49 on Thursday, a depreciation of N2.50.

This depreciation marks a reversal from Thursday’s slight appreciation, where the Naira had strengthened marginally against the Dollar.

In the parallel market, the situation was no better. The Naira depreciated to N1,495 per Dollar on Friday, compared to N1,485 on Thursday. This represents a drop of N10, showing a continued pressure on the local currency.

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Despite the depreciation, the foreign exchange transaction turnover increased significantly. On Friday, the turnover rose to $269.27 million, up from $213.31 million on Thursday. This indicates a higher volume of trading, but it was not enough to support the Naira’s value against the Dollar.

These developments come after the Nigerian government confirmed on Wednesday that it had received a $925 million disbursement from Afrieximbank. This amount is part of a $3.3 billion emergency crude oil repayment loan aimed at stabilizing the country’s foreign exchange shortage.

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