The Nigerian currency, Naira, experienced a decline in value on Friday, depreciating to N1,625 per dollar in the parallel market. This represents a N10 drop from the previous day’s rate of N1,615 per dollar.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also depreciated, falling to N1,598.56 per dollar. This indicates a N4.62 decline from the previous day’s rate of N1,593.93 per dollar.
The volume of dollars traded in NAFEM increased by 11% to $172.8 million, up from $155.52 million on Thursday. As a result, the margin between the parallel market and NAFEM rates widened to N26.44 per dollar, from N21.07 per dollar on Thursday.
This development highlights the ongoing challenges faced by the Naira in maintaining its value against the US dollar.
Vanguard
