Naira weakens further at official market, ends week with N1,380.93 per dollar

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The naira extended its decline against the US dollar at the official foreign exchange market on Friday, closing the week on a negative note.

Data from the Central Bank of Nigeria showed the naira depreciated to N1,380.93 per dollar from N1,380.11 recorded on Thursday. That represents a day-on-day loss of 82 kobo.

The local currency recorded four consecutive losses during the week, shedding a total of N10.47 against the dollar at the official market.

At the black market, the naira remained unchanged at N1,400 per dollar for most of the week.

The development comes as Nigeria's foreign exchange reserves continued to surge against the dollar during the period under review.

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