The Nigerian Naira experienced mixed fortunes on Friday, depreciating to N1,700 per dollar in the parallel market while appreciating to N1,540.78 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the Naira lost N25 in value in the parallel market, dropping from N1,675 per dollar on Thursday.
In contrast, the Naira gained N35.32 in NAFEM, falling from N1,576.1 per dollar on Thursday.
The volume of dollars traded in the official market declined by 36.4% to $212.31 million, down from $334.05 million on Thursday.
As a result, the margin between the parallel market and NAFEM rate widened to N159.22 per dollar, up from N98.9 per dollar on Thursday.
This development highlights the ongoing volatility in Nigeria’s foreign exchange market.
Vanguard.
