The Naira dropped to N1,750 per dollar on the parallel market today, down from N1,745 on Thursday. However, the Naira rose to N1,652.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM.
According to FMDQ data, the indicative exchange rate for NAFEM declined to N1,652.62 per dollar from N1,658.67 per dollar on Thursday, indicating a naira appreciation of N6.05. The market reached an intraday high of N1,703 per dollar and a low of N1,640 per dollar.
The volume of dollars traded (turnover) increased by 48.5% to $243.05 million from $163.66 million transacted on Thursday.
As a result, the spread between the parallel market and the NAFEM rate increased to N97.38 per dollar from N86.33 per dollar on Thursday.
