The naira depreciated against the dollar at the parallel foreign exchange market to end the week on a negative note.
A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, told Newspot that the naira dropped to N1635 against the dollar on Friday from N1625 recorded on Thursday.
“On Friday we buy at N1625 per dollar and sell at N1635,” he told Newspot.
This means that the naira weakened by 10 against the dollar on a day-to-day basis.
Meanwhile, at the official market naira appreciated marginally.
According to the Central Bank of Nigeria’s exchange data, the naira gained to N1,598.72 per dollar on Friday from N1,599.32 exchanged the previous day. This showed that it slightly strengthened by N0.6 on Friday when compared to the N1,599.32 to dollar exchange rate on Thursday.
Newspot reports that the naira has continued fluctuations in the week under review, with more gains than losses at the foreign exchange markets.
The development comes as the latest Consumer Price Index data released by the National Bureau of Statistics saw Nigeria’s headline inflation decline to 23.7 percent in April.
The CBN Monetary Policy Committee will meet next week, May 19th and 20th, to announce whether to maintain or tighten the country’s monetary policy stance.
In February, the MPC retained Nigeria’s interest rate at 27.50 percent.
