The Nigerian naira has experienced further depreciation, dropping to N1,740 per dollar in the parallel market, down from N1,725 per dollar recorded on Thursday.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira depreciated to N1,678.87 per dollar.
According to data from FMDQ, the indicative exchange rate in NAFEM climbed from N1,639.5 per dollar on Thursday to N1,678.87 per dollar, marking a significant N49.37 drop in value.
The official market witnessed an extraordinary surge in trading activity, with dollar turnover soaring by 473 percent.
This increase brought the traded volume to $1,403.76 million, up sharply from $244.96 million traded on Thursday. This figure represents the highest trading volume recorded in recent years.
As a result, the exchange rate gap between the parallel market and the NAFEM rate has also reduced, shrinking to N61.13 per dollar from the previous margin of N85.5 per dollar observed on Thursday.
