The Nigerian naira recorded losses against the United States dollar on Friday, declining in both the parallel market and the official foreign exchange window.
In the parallel market, the local currency traded at ₦1,397 per dollar, compared to ₦1,390 recorded a day earlier, representing a depreciation of ₦7.
Similarly, the naira weakened in the Nigerian Foreign Exchange Market (NFEM), where the official exchange rate closed at ₦1,365 per dollar, down from ₦1,359.75 on Thursday.
Figures released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate increased by ₦5.25, reflecting a loss in the value of the local currency against the dollar.
As a result of the latest movement, the gap between the official and parallel market exchange rates widened to ₦32 per dollar, up from ₦30.25 recorded the previous day.
Meanwhile, activity in the interbank foreign exchange market slowed significantly. Daily turnover fell by 42.5 per cent to $73.6 million, compared to $128.2 million traded on Thursday.
Despite the daily decline, the naira posted a modest gain in the official market over the course of the week, appreciating by ₦1 against the dollar.
Market data also indicated that total turnover in the interbank foreign exchange market rose sharply on a weekly basis, reaching $683.2 million. This represented a 76.7 per cent increase when compared to the $386.54 million recorded during the preceding week.
However, the gains seen in the official market were not reflected in the parallel market, where the naira lost ₦2 against the dollar over the same period.
