The Naira ended the week on a downward trend at the official foreign exchange market, closing on Friday at N1,602.18 per dollar.
This marked a depreciation of N5.49, as shown by figures on the Central Bank of Nigeria website.
This represents a 0.34 per cent loss when compared to the N1,596.69 per dollar recorded on Wednesday, 30 April, before the Workers’ Day holiday on Thursday, 1 May.
From Monday, 28 April to Wednesday, 30 April, the Naira had shown minimal fluctuations, trading at N1,599.95, N1,599.71, and N1,596.69 respectively,a period of relative calm in the market.
The local currency, which closed the current week on a negative note, had also opened the trading week with a minimal loss of 0.02 per cent.
This dip underscores continued volatility in the FX market, despite recent attempts at monetary stabilization.
