Naira depreciates against dollar to end week on negative note

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

FMDQ data showed that the naira weakened to N1,652.25 per dollar on Friday from N1,645.45 recorded on Thursday, posting a N6.5 depreciation.

Meanwhile, at the black market, the naira traded at N1,740 per dollar on Friday from between N1,738 and N1,745 exchanged the previous day.

In the week under review, the naira recorded more depreciation than appreciation despite interventions by the Central Bank of Nigeria.