The exchange rate between the naira and the US dollar closed at N412/$1 at the Importers and Exporters window, where forex is traded officially.
On Friday, the Naira fell against the US dollar at the official NAFEX window to close at N412 to a dollar implying a 0.17% drop when compared to N411.31/$1 recorded on Thursday.
In the same vein, the Naira depreciated marginally at the parallel market, closing at N485/$1 on Friday. This shows a N1 drop when compared to the N484/$1 that was recorded the previous day.
With the current drop in value and the massive sell-off of cryptocurrencies, there seems to be uncertainty ahead despite the supporting tweet from Elon Musk.
Crude oil prices have continued to dip further away from the $70 per barrel recorded last week, currently trading at $65.15 (Brent Crude), after recording a decline of 2.23% on Thursday.
