The Naira depreciated against the dollar on Friday at the foreign exchange market to end the week on a negative note.
FMDQ data showed that the weakened to ₦1,678.87 per dollar on Friday from the ₦1,639.50 exchange rate on Thursday.
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This represents a N39.37 depreciation against the dollar compared to N1678.87 exchanged on Thursday.
Meanwhile, at the parallel market, the naira gained N10 to exchange at N1740 per dollar on Friday compared to N1750 recorded the previous day.
The development comes as Foreign Exchange transactions turnover surged astronomically to $1403.76 million on Friday from $244.96 million on Thursday, according to FMDQ data.
DAILY POST reports that in the week under review, the naira recorded mixed sentiments of gains and losses.
This showed Naira had continued to experience fluatuations in the FX marketers despite the Central Bank of Nigeria interventions.
Recall that on Wednesday, CBN authorised commercial, merchant, and non-interest banks in the country to manage tradeable foreign currencies deposited in domiciliary accounts established through the new Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme.
In other news, the Senate has voiced strong concerns regarding the delays in processing insurance benefits for both deceased and retired military personnel. Lawmakers are urging the military to expedite these payments, emphasizing that timely financial support is essential for the families and veterans who have sacrificed for their country.
The Senate unequivocally stated that 174 families associated with the Nigerian Air Force (NAF) are currently facing significant hardships due to payment delays, describing the situation as unacceptable.
This acknowledgment calls for immediate action to rectify the systemic issues affecting the disbursement of benefits and to uphold the dignity of those who have served.
