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The Naira appreciated to N1,665 per dollar in the parallel market on Friday, marking a gain from Thursday’s rate of N1,685 per dollar. This trend was also reflected in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the local currency improved to N1,631.21 per dollar, compared to the previous day’s rate of N1,659.26 per dollar, showing an appreciation of N28.05.
Data from FMDQ confirmed the Naira’s strengthening in NAFEM, while also noting a decline in dollar trading volume. The turnover in the official market fell by 47%, from $450.39 million on Thursday to $238.36 million on Friday. This dip in trading activity widened the gap between the parallel market and the NAFEM rate to N33.79 per dollar, up from N25.74 per dollar the day before.
