The Nigerian naira has continued its downward trend, depreciating further against the US dollar in the parallel foreign exchange market.
As of Friday, the naira fell to N1,628 per dollar, down from N1,623 the previous day, according to Abubakar Alhasan, a Bureau de Change operator in Abuja.
This marks a N5 drop in just one day and the fourth consecutive day of depreciation.
In contrast, the naira remained stable at the official exchange window, closing at N1,586.15 per dollar, the same rate as Thursday.
Throughout the week, the naira performed poorly in both markets, depreciating by N13 in the parallel market and N5.17 at the official market.
The African Development Bank has projected that the naira will weaken by 6% this year, along with several other African currencies.
