On Friday, the Naira dropped to N1,660 per dollar on the parallel market, down from N1,650 on Thursday.
The Naira fell to N1,542 per dollar on the official foreign currency market. The Central Bank of Nigeria (CBN) said that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) increased to N1542 per dollar from N1,540 per dollar on Thursday, signifying a N2 devaluation of the naira.
Similarly, FMDQ statistics revealed that the exchange rate increased to N1,541.68 per dollar from N1,541.38 per dollar on Thursday, suggesting a 30 kobo depreciation in the naira.
As a result, the spread between the parallel market and the NFEM rate increased to N118 per dollar from N110 per dollar on Thursday.
