The Naira depreciated in the parallel market on Friday, trading at N1,645 per dollar, a slight decline from Thursday’s rate of N1,640 per dollar.
Conversely, the Naira saw an appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), strengthening to N1,593.32 per dollar.
This marked an improvement from the previous day’s exchange rate of N1,639.41 per dollar, representing a significant gain of N46.09 for the local currency.
According to data from FMDQ, the increase in dollar trading volume in NAFEM played a role in the Naira’s appreciation.
The turnover in the market rose by 32 percent, with $254.17 million traded on Friday compared to $185.79 million exchanged on Thursday.
As a result of these movements, the margin between the parallel market rate and the NAFEM rate widened to N51.68 per dollar, up from just 59 kobo per dollar the previous day.
