The naira has experienced further depreciation, dropping to 1,740 naira per dollar in the parallel market, down from 1,725 naira on Thursday. Meanwhile, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the naira weakened to 1,678.87 naira per dollar, according to data from the Financial Markets Dealers Quotations Group (FMDQ). This represents a loss of 49.37 naira compared to Thursday’s rate of 1,639.5 naira per dollar.
Additionally, dollar trading volumes in the official market surged by a remarkable 473 percent, reaching 1.4 billion dollars, up from 244.96 million dollars on Thursday. This spike marks the highest trading volume seen in years. As a result, the gap between the parallel market and NAFEM rates has narrowed to 61.13 naira per dollar, down from a difference of 85.5 naira on Thursday.
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