Naira depreciates to end week on negative note

The naira ended the week on a negative note, depreciating further against the dollar at the official foreign exchange market.

FMDQ data showed that the naira depreciated to N1485.99 per dollar compared to N 1484.75 traded on Thursday.

This represents a marginal N1.24 loss.

According to available data, this is the second time the naira has depreciated against the dollar in the foreign exchange market in the last week.

Since mid-April, the naira has continued to fluctuate against the dollar in the forex market, despite CBN interventions.

The governor of CBN, Olayemi Cardoso at the last 295th Monetary Policy Committee blamed the volatility on seasonal fluctuations.