On Friday, the Naira dropped to N1,625 per dollar in the parallel market, down from N1,615 on Thursday.
Similarly, the Naira fell to N1,598.56 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM.
According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,598.56 per dollar from N1,593.93 per dollar on Thursday, meaning that the naira depreciated by N4.62.
The market’s dollar volume (turnover) jumped by 11 percent to $172.8 million, up from $155.52 million on Thursday.
As a result, the spread between the parallel market and the NAFEM rate increased to N26.44 per dollar from N21.07 per dollar on Thursday.
