Naira Weakens as Forex Turnover Doubles

By BUKOLA ARO-LAMBO and DEBORAH BELLO, Lagos
The value of the naira dropped 0.35 per cent at the close of last weekend despite a marginal appreciation on Friday, closing at N1331.20 to the dollar as against N1326.51 which it began the weeks trading activities.
At the end of Friday’s trading, the value of the naira had appreciated marginally by N0.08 ending four straight days of depreciation. Between Nonday and Thursday, the value of the naira had declined by N4.77.
During Friday’s session, the dollar traded between N1,329.50 and N1,334.50. Trading also picked up sharply. Interbank turnover rose to $162.67 million from $84.22 million on Thursday, an increase of about 93 per cent.
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