Naira Weakens to N1,361.84/$ as Official and Parallel Rates Fall

The naira recorded a massive depreciation against the United States dollar on Friday, ending the week on a negative note. Central Bank of Nigeria data showed the official rate weakened to N1,361.84 per dollar on Friday from N1,344.40 on Thursday.

That marked a day-to-day depreciation of N17.44 against the dollar. In the parallel market, the naira also weakened to N1,385 per dollar on Friday from N1,377 the previous day.

Both markets close weaker

At the close of trading on Friday, the naira depreciated across both the official and parallel foreign exchange markets. The movement came despite the continued rise in the country's foreign reserves. CBN data put the reserves at $55.16 billion on Thursday.

Weekly trend

Across the week under review, the naira recorded more depreciation than appreciation against the dollar in both foreign exchange markets.

The naira closed the week lower on both the official and parallel windows even as reserves stood at $55.16 billion on Thursday.