Naira crashes further against dollar ahead of Eid el-Kabir

Ahead of the Eid el-Kabir festivities, the naira continued to weaken against the dollar in the foreign exchange market.

The naira lost value versus the dollar on Friday, falling to N1,482.72 from N1476.24 on Thursday, according to FMDQ statistics.

In relation to the N1,476.24 traded on Thursday, this indicates a depreciation of N6.48 against the US dollar.

On Friday, the naira was worth N1,490 at the parallel market, which was the same amount as it was on Thursday.

According to BETA NEWS, the foreign exchange transaction turnover plummeted to $92.68 million on Thursday, causing the naira to weaken somewhat vs the dollar.

The naira saw two increases in value relative to the dollar during the reviewed week, along with one loss.