In the parallel market on Friday, the value of the Naira strengthened from its previous rate of N1,685 per dollar on Thursday to N1,665 per dollar.On the Nigerian Autonomous Foreign Exchange Market (NAFEM), the value of the Naira increased as well, rising to N1,631.21 per dollar.
Compared to Thursday’s rate of N1,659.26 per dollar, this is an improvement and a N28.05 appreciation for the local currency.
The indicative exchange rate for NAFEM fell to N1,631.21 per dollar, according to data from FMDQ, indicating a stronger Naira.
But the amount of money exchanged on the official market decreased as turnover dropped from $450.39 million on Thursday to $238.36 million, a 47 percent decrease.
Consequently, the differential between the NAFEM rate and the parallel market rate increased to N33.79 per dollar, from N25.74 per dollar on Thursday.
