The Naira experienced a further decline in the parallel market on Friday, with its value slipping to N1,750 per dollar compared to N1,745 per dollar on Thursday. This marks a significant drop in the currency’s value against the U.S. dollar, continuing a recent trend of instability.
Meanwhile, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira recorded an appreciation, trading at N1,652.62 per dollar. This figure represents a slight improvement from Thursday’s rate of N1,658.67 per dollar, showing a gain of N6.05 in value.
Data from FMDQ Securities Exchange provided further insight into the day’s trading activity. According to the report, the NAFEM market recorded an intraday high of N1,703 per dollar and an intraday low of N1,640 per dollar, highlighting fluctuations within the trading session.
Additionally, the volume of dollar transactions saw a notable increase. The turnover surged by 48.5 percent, reaching $243.05 million on Friday, compared to $163.66 million recorded the previous day. This surge in trading activity reflects growing demand for foreign exchange in the market.
The widening gap between the parallel market rate and the NAFEM rate remains a concern. By Friday, this difference had increased to N97.38 per dollar, up from N86.33 per dollar on Thursday. This disparity underscores the challenges facing Nigeria’s exchange rate system as the country navigates economic pressures and fluctuating market conditions.
