Naira depreciates against dollar to end week on negative note

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

FMDQ data showed that the naira weakened to N1641.27 per dollar on Friday from N1622.57 exchanged on Thursday, recording N18.7 loss.

Meanwhile, the black market remained flat at N1700 per dollar on Friday, the same exchange rate traded on Thursday.

In the week under review, the naira fluctuated between loss and gain against the dollar at the foreign exchange.

The fluctuation in the FX market has been a recurring decimal despite the interventions of the Central Bank of Nigeria in the past months.