Nigeria's naira hit its weakest point of the week on Friday, sliding further against the dollar at the official market. The currency closed at N1,370.46 per dollar.
Data from the Central Bank of Nigeria revealed the sharp drop from Thursday's N1,363.30 rate. That's a loss of N7.16 in just one day.
Friday's decline marked the biggest single-day depreciation recorded all week. The naira had weakened on most days this week except Monday.
On the parallel market, the situation remained unchanged. Traders quoted the naira at N1,395 per dollar, flat from Thursday's closing.
Over the entire week, the currency has lost N14.19 against the greenback at the official window. Pressure on the naira intensified as external debt figures worsened.
Nigeria's foreign debt ballooned to $51.03 billion as of Thursday, according to latest figures. The mounting obligations are straining the country's forex reserves.
Analysts warned that the trend could continue without decisive intervention. Currency traders said demand for dollars remains high across all segments.
