Naira depreciated against the US dollar in the official market on Friday, a day after the currency posted a marginal gain in the spot market.
The currency fell 0.66 percent to N429.00 per dollar on Friday from N426.20 which traded on the Nafex window in the previous session on Thursday, data published in the FMQ website where forex is officially traded, it showed.
Before the close of trading on Friday, the national currency jumped to a high of N406.00 and plunged to a low of N444.00 before closing at N429.00 on the authorized forex market.
On the black market in Uyo, currency dealers said they bought the dollar at N690.00 and sold it at N700.00 per dollar, while moneychangers in Abuja said the naira was exchanged for N700.00 to $1 on Friday.
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While some analysts have attributed the continued weakening of the naira to rising import bills, dollar savings and cryptocurrency hoarding by Nigerians who have lost confidence in the local unit due to its massive devaluation against the dollar, some have attributed the recent decline to strict foreign exchange policies of the Central Bank of Nigeria.