The Naira gained value in the parallel market today, appreciating to N1,690 per dollar, up from N1,670 per dollar on Thursday.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira experienced a decline, depreciating to N1,641.27 per dollar, compared to N1,622.57 per dollar on Thursday. This marks an N18.7 depreciation for the Naira in the NAFEM market.
According to FMDQ data, the volume of dollars traded in the official market surged by 323.7% to $616.73 million, from $145.56 million on Thursday.
As a result, the gap between the parallel market rate and the NAFEM rate increased to N48.73 per dollar, up from N47.53 per dollar on Thursday.
