Naira Depreciates Against Dollar Despite Weekly Gains

The week ended on a low note as the naira depreciated against the dollar on both the official and parallel foreign exchange markets.

According to FMDQ statistics, the naira's value declined from Thursday’s exchange rate of N1,541.38 to N1,541.68 per dollar on Friday, representing a drop of N0.3.

On the parallel market, the naira ended Friday trading at N1,775 per dollar, a depreciation from N1,768 recorded on Thursday.

Despite these losses, the naira recorded overall gains earlier in the week.

On Wednesday, President Bola Ahmed Tinubu set a benchmark exchange rate of N1,500 to the dollar for 2025, signaling long-term policy projections for foreign exchange stability.

Economic observers are closely monitoring the naira's performance amidst ongoing market fluctuations and policy implementations.