The naira, Nigeria‘s currency, ended the month weaker, despite a surge in dollar supply amounting to $4.60 billion in the official foreign exchange (FX) market.

The FX market closed for the month on Friday with the naira losing 5.60 percent as the dollar was quoted at 1,485.99 Naira, weaker than 1,402.67 Naira quoted at the beginning of the month, according to data from the FMDQ Securities Exchange Limited.

On a day-on-day trading basis, the local currency closed flat at 0.08 percent as the dollar exchanged at 1,485.99 Naira on Friday as against 1,484.75 Naira quoted on Thursday at NAFEM.

Dollar supplied by willing buyers and willing sellers was as high as $4.60 billion in the month under review.