Naira Declines Against Dollar in Foreign Exchange Market.

During the week's end, the value of the naira declined in relation to the dollar on the foreign exchange market. According to FMDQ statistics, the naira lost value versus the dollar on Friday, falling to N1,563.80 from N1,554.65 exchanged on Thursday. This indicates a N9.15 loss against the dollar.

Similarly, on Friday, the naira lost value in relation to the dollar at the parallel foreign exchange market, falling from N1,550 to N1,560 the day before yesterday. This situation occurs as the volume of foreign exchange transactions decreased from $348.82 million on Thursday to $126.50 million on Friday.

Despite the Central Bank of Nigeria recently selling $122.67 million to 45 licensed dealers, the value of the naira has declined in relation to the dollar.