Naira Depreciates In Parallel Market, Appreciates In Official Market

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,658.67 per dollar, showing a N28.85 gain from the previous day’s rate of N1,687.52 per dollar, according to data from FMDQ.

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The volume of dollars traded also declined by 5.5%, falling to $163.66 million from $173.29 million on Wednesday.

As a result, the gap between the parallel market and NAFEM exchange rates widened to N86.33 per dollar, up from N52.48 per dollar the day before.

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