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The Naira depreciated to N1,610 per dollar in the parallel market on Friday, down from N1,580 per dollar on Thursday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira fell to N1,609.29 per dollar from N1,603.8 per dollar the previous day, marking a N5.49 kobo depreciation.
Data from FMDQ indicated that the volume of dollars traded increased by 28.6 percent, rising to $168.63 million from $131.09 million on Thursday. Consequently, the margin between the parallel market and NAFEM rates narrowed significantly to 71 kobo per dollar from N18.8 per dollar on Thursday.
