On Friday, the Naira experienced a notable depreciation in the parallel market, trading at N1,700 per dollar, down from N1,675 per dollar the previous day.
This decline highlights the ongoing volatility in Nigeria’s foreign exchange landscape.
In contrast, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it rose to N1,540.78 per dollar, a significant improvement from Thursday’s rate of N1,576.10 per dollar. This represents a N35.32 appreciation for the Naira in the official market.
Data from the Financial Markets Dealers Quotations (FMDQ) indicated that the volume of dollars traded in the official market also saw a substantial decline, dropping by 36.4 percent to $212.31 million, down from $334.05 million on Thursday.
As a result, the gap between the parallel market and NAFEM rates has widened considerably, increasing from N98.90 per dollar on Thursday to N159.22 per dollar on Friday.
This disparity reflects ongoing challenges in Nigeria’s forex market, as the country grapples with currency fluctuations and economic pressures.