The Naira’s value decreased on Friday in the parallel market, falling from its previous day rate of N1,580 per dollar to N1,610.
The Naira experienced a drop in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as it fell to N1,609.29 per dollar from its previous rate of N1,603.80 on Thursday.
The indicative exchange rate for NAFEM recorded an increase from N1,603.80 to N1,609.29 per dollar as indicated in the FMDQ data resulting in a depreciation of 5.49 kobo.
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On Friday, the trading volume in the market saw a sharp increase of 28.6 percent with $168.63 million being traded as opposed to Thursday’s amount of $131.09 million.
Consequently, the difference between the parallel market rate and the NAFEM rate decreased to 71 kobo per dollar compared to its previous value of 18.8 kobo per dollar.
