Economy
Naira Strengthens to N1,600/$ in Parallel Market, Widening Gap with Official Exchange Rates
The Nigerian naira experienced a positive shift in the parallel market, appreciating to N1,600 per dollar on Friday compared to N1,615 per dollar the day before. Conversely, the naira faced a decline in the Nigerian Foreign Exchange Market (NAFEM), reaching N1,627.4 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM displayed a notable increase to N1,627.4 per dollar from N1,602.17 per dollar on Thursday, marking a depreciation of N25.26 for the naira.
Throughout the trading day, the market witnessed a high of N1,640 per dollar and a low of N1,413 per dollar, resulting in a margin of N227. The total volume of dollars traded in the market amounted to $269.35 million.
As a consequence of these fluctuations, the gap between the official and parallel market exchange rates widened to N27.4 per dollar on the latest trading day, compared to N12.83 per dollar reported on Thursday.