Naira depreciates against dollar at official market

The Naira depreciated on Friday at the official market, trading at N1,602.18 to the dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira lost N5.49.

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.

The Naira had remained relatively static for three trading days, from Monday, 28 April, to Wednesday, 30 April, when it traded at N1,599.95, N1,599.71, and N1,596.69, respectively.

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