Data obtained from the Central Bank of Nigeria (CBN) website revealed that the local currency weakened by N5.49 against the greenback.
This decline represents a 0.34 per cent loss when compared to the rate of N1,596.69 per dollar recorded on Wednesday, April 30, the last trading day before the Workers' Day public holiday observed on Thursday, May 1st in Nigeria.
Prior to this dip, the Naira had demonstrated a period of relative stability, trading within a narrow range for three consecutive trading days. On Monday, April 28, the exchange rate stood at N1,599.95 per dollar, followed by N1,599.71 on Tuesday, April 29, and N1,596.69 on Wednesday, April 30.
With this downward movement on the final trading day of the week, the Naira concluded the current week on a negative trajectory. The week had commenced with a marginal loss of 0.02 per cent, setting the stage for the more pronounced depreciation observed on Friday. This recent weakening suggests continued volatility within the Nigerian foreign exchange market.