Naira Depreciates In Parallel Market, No Longer N1,725/$

Naira Depreciates In Parallel Market, No Longer N1,725/$In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira also weakened, reaching N1,678.87 per dollar.

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According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,678.87 per dollar, up from N1,639.5 per dollar on Thursday, marking a N49.37 decline for the naira.

Meanwhile, dollar trading volume in the official market surged by 473 percent, climbing to $1,403.76 million compared to $244.96 million on Thursday—making it the highest trading volume recorded in years.

As a result, the gap between the parallel market and NAFEM rates narrowed to N61.13 per dollar, from N85.