Naira depreciates to N1,602.18 per dollar as CBN reports 0.34% drop

The naira fell in value at the official market, on Friday,  reaching N1,602.18 to the dollar.

According to information from the Central Bank of Nigeria (CBN) website, the naira depreciated by N5.49.

This illustrates a 0.34 percent decrease compared to the N1,596.69 per dollar recorded on Wednesday, April 30, just prior to the Workers’ Day holiday on Thursday, May 1.

For three consecutive trading days, from Monday, April 28, to Wednesday, April 30, the naira remained relatively stable, trading at N1,599.95, N1,599.71, and N1,596.69, respectively. 

The local currency concluded the current week on a down note, having started the trading week with a slight dip of 0.02 percent.