Naira Falls to N1,725 per Dollar in Parallel Market, Gains in Official Market

The Nigerian Naira experienced a depreciation in the parallel market today, dropping to N1,725 per dollar from N1,710 per dollar on Thursday. However, the currency saw an appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), improving to N1,600.78 per dollar compared to the previous rate of N1,660.49 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM reflected a N59.71 gain for the Naira. Additionally, the volume of dollars traded in the official market surged by 6.2 percent, reaching $350.72 million, up from $330.18 million traded on Thursday.

This fluctuation highlights the widening gap between the parallel market and NAFEM exchange rates amidst ongoing currency volatility.