The naira on Friday depreciated across both the official and parallel foreign exchange markets, ending the week with losses of N17.07 as liquidity management actions by the Central Bank of Nigeria (CBN) moderated recent gains.
Data published by the CBN showed that the local currency weakened by 1.25 percent week-on-week, with the dollar quoted at N1,363.39 on Friday compared to N1,346.32 on Friday last week at the Nigerian Foreign Exchange Market (NFEM).
Over the five trading sessions, the naira dropped by 1.04 percent from N1,349.24 recorded on Monday, the first trading day of the week. On a day-on-day basis, the currency fell by 0.3 percent, or N3.57, compared to N1,359.82 quoted on Thursday at the NFEM.
