The Nigerian naira failed to appreciate against the dollar at parallel and official foreign exchange markets to end the week on a negative note.
The Nigerian naira extended its decline against the US dollar on Friday, closing the week on a negative note across both parallel and official foreign exchange markets. At the black market, the currency dropped to N1,640 per dollar from N1,630 the previous day, according to Abubakar Alhasan, a bureau de change operator in Wuse Zone 4.
Similarly, at the official market, the naira weakened to N1,609.63 against the dollar, down from N1,608.60 on Thursday. The persistent depreciation highlights ongoing forex pressures despite recent interventions by the Central Bank of Nigeria (CBN). Analysts attribute the slide to sustained dollar demand and limited liquidity in the FX market
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