Naira slumps against dollar to end week on negative note

The naira slumped further against the dollar to end the week on a negative note.

FMDQ data showed that it depreciated to N1609.29 per dollar on Friday from N1603.80 exchanged on Thursday.

This represents a N5.49 loss.

Similarly, at the black market, the naira depreciated to N1,595 per dollar on Friday from N1,590 the previous day.

This showed that the naira had a negative run against the dollar in the week under review.

The last time the naira appreciated against the dollar was last week when the Central Bank of Nigeria intervened in the FX market by selling $106.5 million in FX to authorised dealers.