BREAKING: Naira Depreciates Against US Dollar At Forex Market
THE Naira depreciated against the US dollar at the close of work day on Friday at the foreign exchange market.
Data from FMDQ showed that the Naira weakened to N890.54 per dollar on Friday from N874.79 per dollar on Thursday.
This represents an N15.75 loss or a 1.8 per cent decline in the local currency compared to the N874.79 it closed on Thursday.
Similarly, the Naira depreciated at the parallel forex market, and the exchange rate depreciated by 1.19 per cent, quoted at N1,260 per Dollar.
The gain at the official forex market comes after the Nigerian government received a $2.25 billion foreign exchange boost loan from the African Import-Export Bank over a week ago.
Meanwhile, the Naira had continued to fluctuate in the forex market. The Central Bank of Nigeria floated the country’s currency on June 14 last year.