Naira depreciates to end week on negative note

The naira concluded the week with a decline against the dollar in the official foreign exchange market, according to data from FMDQ.

The naira weakened to N1485.99 per dollar, compared to N1484.75 recorded on Thursday, marking a slight loss of N1.24. This marks the second instance of naira depreciation against the dollar in the forex market within the past week.

Despite interventions by the Central Bank of Nigeria (CBN), the naira has been experiencing fluctuations against the dollar since mid-April.

Governor Olayemi Cardoso attributed the volatility to seasonal variations during the last 295th Monetary Policy Committee meeting.