On Friday, the Naira depreciated to ₦1,750 per dollar in the parallel market, down from ₦1,745 per dollar the previous day.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened, reaching ₦1,652.62 per dollar, an improvement from ₦1,658.67 per dollar on Thursday.
According to data from FMDQ, the indicative exchange rate for NAFEM dropped by ₦6.05, reflecting a modest appreciation for the Naira.
The market witnessed fluctuations, with the exchange rate reaching an intraday high of ₦1,703 per dollar and a low of ₦1,640 per dollar. In addition, the volume of dollars traded saw a significant increase, rising by 48.5% to $243.05 million from the $163.66 million recorded the day before.
As a result, the gap between the parallel market and the NAFEM rate widened to ₦97.38 per dollar, up from ₦86.33 per dollar on Thursday. This shift reflects ongoing volatility in the currency markets, which has been influenced by various economic factors.
