The Naira strengthened in the parallel market on Friday, rising to N1,665 per dollar, compared to the previous day’s rate of N1,685 per dollar.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also gained ground, appreciating to N1,631.21 per dollar from Thursday’s rate of N1,659.26 per dollar, reflecting a N28.05 improvement in the local currency’s value.
According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,631.21 per dollar, further highlighting the Naira’s appreciation.
Despite this, the volume of dollars traded in the official market decreased significantly, with turnover plunging by 47 percent to $238.36 million, down from the $450.39 million traded on Thursday.
Consequently, the gap between the parallel market rate and the NAFEM rate widened, reaching N33.79 per dollar, compared to N25.74 per dollar the previous day.
