The naira experienced a sharp decline against the dollar in the foreign exchange market, finishing the week on an unfavorable note amid ongoing hardship protests by Nigerians.
Data from FMDQ revealed that the naira fell to N1,617.08 per dollar on Friday, down from N1,570.00 on Thursday, representing a loss of N47.08.
Similarly, in the black market, the naira weakened to N1,610 per dollar on Friday, compared to N1,600 the day before.
Dayyabu Ashiru, a Bureau De Change operator in Wuse Zone 4, stated, “We purchased dollars at N1,610 on Friday evening, up from N1,600 on Thursday, when offices closed due to the Hardship Protest.”
This decline has erased the two consecutive gains the naira achieved on Wednesday and Thursday.
Overall, the naira depreciated in both official and parallel foreign exchange markets, which reported rates of N1,609.29 and N1,595 per dollar, respectively, last Friday.
Despite recent policy interventions by the Central Bank of Nigeria, the currency has struggled to stabilize.
However, the gap between the official and parallel foreign exchange markets has continued to narrow, resting at N7.08 on Friday.
The protests, which began on Thursday, reached their second day on Friday.
