The Naira has ended the week with mixed performances, ending the week strong in the parallel market and depreciating in the official market on Friday.
This is at variance with the currency’s performance last week, where both markets showed a week-long appreciation stretch.
According to data published on the CBN website on Friday, the naira closed at N1,554/$1, which is a depreciation from Wednesday’s closing rate of N1,545/$1, which was also a depreciation from N1,540/$1 on Tuesday, effectively concluding a week-long depreciation rally.
The in-day trading activity shows the naira did N1,570/$1 [highest] and N1,537/$1 [lowest] with a simple mean of N1,551.85/$1 on Friday.
In the parallel market, the naira traded at N1595/$1 on Friday, up from N1610/$1 on Wednesday, down from N1600/$1 on Tuesday, according to data from Naijaonpoint research.
In the parallel market, the naira also shows a continuous depreciation stretch against major currencies. The naira traded N2,148.00/£1 which was down from N2,145.00/£1 it closed at on Wednesday, according to data from Naijaonpoint research.
This development came as CBN, this week, refuted claims circulating in the media suggesting an extension of the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.
In a statement on Wednesday by the CBN’s Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, the bank dismissed the information as “false” and “misleading.”
The bank noted that no such extension had been granted, emphasizing that the official deadline remains set for June 3, 2025, as initially communicated by the bank.