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Naira depreciates, ends week on a negative note

Naira & Dollar

The naira depreciated against the dollar at the foreign exchange market to end the week on a negative note.

FMDQ data revealed that the naira depreciated to ₦1,563.80 against the dollar on Friday from the ₦1,554.65 traded on Thursday.

This represents ₦9.15 loss against the dollar at the foreign exchange market on Friday compared to ₦1,554.65 traded the previous day.

Similarly, at the parallel foreign exchange market, the naira depreciated to ₦1,560 against the dollar on Friday from ₦1,550 on Thursday.

The development comes as FX transaction turnover dropped to $126.50 million on Friday from $348.82 million on Thursday.

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