On Friday, the Naira strengthened to N1,665 per dollar in the parallel market, improving from 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, up from N1,659.26 per dollar on Thursday. This represents an increase of N28.05 for the local currency.
According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,631.21 per dollar, indicating a stronger Naira.
However, the volume of dollars traded in the official market decreased significantly, with turnover dropping by 47 percent to $238.36 million, compared to $450.39 million on Thursday.
Consequently, the gap between the parallel market rate and the NAFEM rate widened to N33.79 per dollar, an increase from N25.74 per dollar the previous day.
