Naira declines against dollar at official forex market, stays steady in black market

The naira weakened against the dollar on Friday at the official foreign exchange market, closing at N1,579.89 per dollar, down from N1,564.48 on Tuesday—a depreciation of N15.41. Despite this, the naira remained stable at N1,600 per dollar in the black market.

The currency had seen significant appreciation on Thursday. Throughout the week, the naira’s performance was volatile, influenced by the Central Bank of Nigeria’s introduction of the Retail Dutch Auction System.

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Meanwhile, the naira remained unchanged at N1600 per dollar at the black market on Friday, the same as the previous day.

This comes after the naira appreciated significantly on Thursday.

In the week under review, the naira experienced mixed fortunes against the dollar following the introduction of the Retail Dutch Auction System by the Central Bank of Nigeria.