The Nigerian Naira plunges to an unprecedented exchange rate of ₦1,750 per US dollar, raising economic concerns nationwide.
On Friday, the Nigerian currency, Naira, weakened in the parallel market to N1,750 per dollar from Thursday’s rate of N1,745 per dollar.
However, the Naira strengthened to N1,652.62 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to FMDQ data, the indicative exchange rate for NAFEM decreased from N1,658.67 per dollar on Thursday to N1,652.62 per dollar, representing a naira appreciation of N6.05.
The market reached an intraday peak of N1,703 per dollar and hit an intraday trough of N1,640 per dollar.
The dollar trading volume increased by 48.5 percent, rising to $243.05 million from the $163.66 million traded on Thursday.
As a result, the gap between the parallel market and the NAFEM rate increased to N97.38 per dollar from N86.33 per dollar on Thursday.
