The Naira saw a significant decline in value on Friday, closing at N1,528.56 to the US dollar on the official market. The Central Bank of Nigeria (CBN) website provided data indicating that the value of the Naira declined by N2.73.
The N1,525.82 that was reported on Thursday is equivalent to a 0.17 percent loss.
The Naira maintained consistent gains till Thursday after starting the week at N9.52 higher versus the dollar on Monday.
On Wednesday, the International Monetary Fund (IMF) praised the local currency for its N3.42 gain versus the US dollar.
The CBN was praised by the IMF in its 2025 Article IV Consultation report on Nigeria for its foreign exchange market changes that facilitated price discovery and liquidity.
This is coming after it was reported on the official Nigerian Foreign Exchange Market, the CBN’s foreign exchange trading window, the value of the Nigerian naira rose to N1,527 versus the US dollar on Thursday July 3.
According to CBN data, the rate saw a little increase of N5 from N1,532 on Monday.
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