The naira recorded a massive depreciation against the United States dollar on Friday, ending the week on a negative note.
Data from the Central Bank of Nigeria, CBN, showed that the naira weakened significantly to N1,361.84 per dollar on Friday, from N1,344.40 recorded on Thursday.
This means that, on a day-to-day basis, the naira depreciated by N17.44 against the dollar.
Similarly, at the parallel market, the naira weakened to N1,385 per dollar on Friday, from N1,377 recorded the previous day.
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The development came despite the continued rise in the country’s foreign reserves, which stood at $55.16 billion on Thursday, according to CBN data.
DAILY POST reports that the naira recorded more depreciation than appreciation against the dollar across both foreign exchange markets during the week under review.
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