Nigerian Naira depreciates against dollars to end the week on a negative week

On Friday, the Naira depreciated against the Dollar in the foreign exchange market, ending the week on a negative note. According to FMDQ data, the Naira fell to N1483.99 per Dollar from N1481.49 on Thursday, marking a N2.5 depreciation.

Similarly, in the parallel market, the Naira depreciated to N1,495 against the Dollar on Friday from N1,485 on Thursday.

These developments occurred despite an increase in foreign exchange transaction turnover, which rose to $269.27 million on Friday from $213.31 million on Thursday.

Additionally, on Wednesday, the Nigerian government confirmed receiving a $925 million disbursement from Afrieximbank as part of a $3.3 billion emergency crude oil repayment loan aimed at stabilizing the country’s forex shortage.