adsThe naira ended the week slightly weaker against the dollar in the official foreign exchange (FX) market as turnover at the Nigerian Foreign Exchange Market (NFEM) declined by nearly 47 percent, despite improved external reserves.
Data published by the Central Bank of Nigeria (CBN) showed that the naira depreciated by N4.42 week-on-week, with the dollar quoted at N1,375.46 on Friday, compared to N1,371.04 recorded on Friday last week at the NFEM. This represents a 0.32 percent decline in the local currency’s value.
On a day-on-day basis, the naira weakened by N3.15 or 0.23 percent from N1,372.31 per dollar on Thursday. Over the five trading sessions, the local currency posted a marginal loss of N1.76 or 0.13 percent from N1,373.70 quoted on Monday at the start of the week.adsads
Total turnover at the NFEM fell by 46.97 percent week-on-week to $1.77 billion for the four trading days to Thursday, according to available CBN data, down from $3.34 billion recorded the previous week. The number of deals executed at the NFEM window also declined from 1,341 last week to 1,128 as of Friday.
At the interbank segment of the FX market, however, trading activity improved slightly. The number of deals increased to 469 on Friday from 462 a week earlier, while total turnover rose by 11.65 percent week-on-week to $395.11 million from $383.46 million.adsads
