The Naira faced depreciation in the parallel market on Friday, sliding to N1,520 per dollar from N1,515 per dollar the previous day.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency appreciated to N1,482.81 per dollar, marking a positive trend.
Data from FMDQ revealed that the indicative exchange rate for NAFEM decreased from N1,485.66 per dollar to N1,482.81 per dollar, indicating a notable appreciation of N2.85 for the naira.
Throughout the day, the market experienced fluctuations, reaching an intraday high of N1,511 per dollar and a low of N1,400 per dollar, resulting in a significant variance of N111 per dollar.
The volume of dollars traded (turnover) surged by 35.7 percent, totaling $556.25 million compared to the previous day’s $167.55 million.
As a consequence, the gap between the parallel market and NAFEM rates widened to N37.19 per dollar, up from N29.34 per dollar observed on Thursday.
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