The Nigerian Naira continues to struggle against the US dollar, facing a significant loss of N160 within just seven days on the foreign exchange market.

According to Mistila Dayyabu, a Bureau De Change operator in Wuse Zone 4, the Naira was traded at N1450 per Dollar on Friday, marking a notable drop from N1,290 recorded the previous week.

In the parallel market segment, the Naira experienced a staggering weekly decline of N160.

Data from FMDQ revealed that on Friday, the Naira closed at N1466.31 per dollar, compared to N1400.40 the previous Friday, indicating a depreciation of N65.91 or 4.5%.

Despite a daily turnover of dollars reaching $113 million on Friday, up from $84.38 million the day before, the Naira's struggle persists.

Interestingly, Nigeria's foreign reserves saw a surge to $32.369 billion as of May 6, 2024, after weeks of decline.