Naira Falls to N1,750/$ in Parallel Market, Appreciates in NAFEM

The naira depreciated in the parallel market on Friday, trading at N1,750 per dollar, a drop from N1,745/$ recorded on Thursday.

In contrast, the naira showed gains in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,652.62 per dollar compared to N1,658.67/$ on Thursday, marking a N6.05 increase in value.

Data from FMDQ indicated that NAFEM recorded an intraday high of N1,703/$ and a low of N1,640/$ during trading.

Dollar turnover in the NAFEM rose significantly, increasing by 48.5% to $243.05 million, up from $163.66 million the previous day.

As a result, the spread between the parallel market rate and the NAFEM exchange rate widened to N97.38 per dollar, compared to N86.33/$ recorded on Thursday.

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