Naira Falls Against Dollar at Official Market

The naira falls against dollar once again, closing at N1,602.18 per dollar in the official market on Friday. This marks a slight drop in the value of Nigeria’s currency, according to data from the Central Bank of Nigeria (CBN).

Compared to the N1,596.69 per dollar rate recorded on Wednesday, April 30, the naira lost N5.49, reflecting a 0.34% decline. This drop came after the market reopened from the Workers’ Day holiday on Thursday, May 1.

Earlier in the week, from Monday, April 28 to Wednesday, April 30, the naira remained fairly stable. It traded at N1,599.95, N1,599.71, and N1,596.69 respectively on those days.

Although the week started with a tiny dip of 0.02%, the local currency ended on a negative note with this latest depreciation.

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