The naira kept sliding versus the US dollar into the end of the week, closing on a weak tone at Nigeria’s official foreign-exchange window on Friday. Central Bank of Nigeria figures showed the currency weakening to 1,380.93 naira per dollar on Friday, down from 1,380.11 per dollar reported on Thursday. On a day-to-day basis, that translated into a decline of 0.82 naira against the dollar at the official market.
Over the review period, the Nigerian currency logged four straight sessions of losses against the dollar, cumulatively giving up 10.47 naira during the week. In parallel, trading in the parallel market saw the naira hold steady at 1,400 naira per dollar for much of the week. The moves come amid evidence that Nigeria’s foreign-exchange situation strengthened against the dollar during the same period.
