Naira Ends Week at N1,332.26/$ Official, N1,370/$ Parallel

The naira depreciated against the United States dollar at the official foreign exchange market on Friday, closing at N1,332.26 per dollar, CBN data showed. The rate was weaker than N1,331.61 recorded on Thursday, a day-to-day depreciation of N0.65.

On a week-on-week basis, the naira gained N1.07 against the dollar at the official market. In the parallel market, it appreciated to N1,370 per dollar on Friday after remaining stable at N1,375 per dollar since Monday.

Official Market

Central Bank of Nigeria data put the official rate at N1,332.26 per dollar on Friday. That compared with N1,331.61 per dollar on Thursday. The N0.65 daily decline means the official market ended the week on a negative note, even though the weekly comparison showed a N1.07 gain for the naira.

Parallel Market

The parallel market rate moved to N1,370 per dollar on Friday. It had stayed at N1,375 per dollar since Monday. The naira recorded mixed performance against the dollar during the week under review, with the official and parallel markets moving in different directions on Friday.

External Reserves

The country’s external reserves stood at $55.09 billion, according to CBN data. The reserves figure came as the naira closed the week with a daily loss at the official market and a gain in the parallel market.