On Thursday, the naira dropped to N1,740 per dollar on the parallel market, down from N1,730 on Thursday. Similarly, the Naira fell to N1,652.25 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,652.25 per dollar from N1,650.2 per dollar on Thursday, meaning that the naira depreciated by N2.05.
The market’s dollar volume (turnover) increased by 36.4 percent to $296.63 million, up from $214.73 million sold on Thursday.
As a result, the spread between the parallel market and the NAFEM rate increased to N87.75 per dollar from N79.8 per dollar on Thursday.
