The Naira experienced a depreciation yesterday, falling to N1,640 per dollar in the parallel market, compared to N1,650 per dollar the previous Thursday. Likewise, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened, reaching N1,541.52 per dollar.
According to data from the FMDQ Securities Exchange, the indicative exchange rate for NAFEM dropped to N1,541.52 per dollar, down from N1,544.02 per dollar recorded on Thursday. This reflects an appreciation of N2.5 for the Naira.
Meanwhile, the volume of dollars traded in the official market saw a significant decline of 117.7 percent. On Friday, the turnover reached $190.57 million, compared to the $87.51 million traded on Thursday.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N98.48 per dollar, from N105.98 per dollar on Thursday.
