Naira depreciates against dollar to end week on a negative note

The Naira depreciated against the Dollar on Friday at the foreign exchange market to end the week on a negative note.

FMDQ data showed that the Naira depreciated to N1483.99 to Dollar on Friday from N1481.49 traded on Thursday.

This represents an N2.5 depreciation compared to the N1481.49 traded on Thursday when the Naira slightly appreciated.

Similarly, at the parallel market section, the Naira depreciated to N1,495 against the dollar on Friday from N1,485 on Thursday.

The developments come despite the foreign exchange transaction turnover increasing to $269.27 million on Friday from $213.31 million on Thursday.

On Wednesday, the Nigerian government confirmed it has received a $925 million disbursement from Afrieximbank as part of its $3.3 billion emergency crude oil repayment loan to stabilize the country's forex shortage.