The naira on Friday depreciated to N1,635 per dollar in the parallel market, down from N1,625 per dollar on Thursday.
This week, the naira has experienced a fluctuating trend, having opened the week with a depreciation to N1,610 per dollar.
The exchange rate for the local currency has risen by 1.49 per cent compared to the N1,606 per dollar it closed at the previous weekend.
Meanwhile, black market traders have attributed the depreciation of the Nigerian currency to a continuous increase in demand and low supply of dollars.
Though the official rate is yet to be updated by the apex bank, on Monday, the Central Bank of Nigeria, CBN, reported the exchange rate at N1,605.6284 per dollar in the Nigeria Foreign Exchange Market (NFEM). However, the Naira’s decline persisted, with the exchange rate falling to N1,606.6413 per dollar on Tuesday and further deteriorating to N1,608.6036 per dollar by Wednesday.
The story was still the same at the close of trading on Thursday as the naira depreciated further to N1,609.6357.
