Naira Gains Slightly in Parallel Market, Depreciates in Official Market

The Nigerian Naira appreciated to N1,690 per dollar in the parallel market on Friday, up from N1,670 per dollar the previous day. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency depreciated to N1,641.27 per dollar, marking an N18.7 decline from Thursday’s rate of N1,622.57 per dollar.

According to data from FMDQ, the volume of dollars traded in the official market surged by 323.7 percent, with $616.73 million exchanged compared to Thursday’s $145.56 million. As a result, the gap between the parallel market and NAFEM rates widened to N48.73 per dollar from Thursday’s N47.53 per dollar.