The Naira strengthened in the parallel market on Friday, rising to N1,665 per dollar from Thursday’s rate of N1,685 per dollar.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also appreciated, reaching N1,631.21 per dollar, up from the previous rate of N1,659.26 per dollar, marking a gain of N28.05.
FMDQ data showed that the indicative exchange rate for NAFEM fell to N1,631.21 per dollar, reflecting the currency’s improvement.
However, dollar trading in the official market experienced a decline, with turnover dropping by 47 percent to $238.36 million, compared to $450.39 million on Thursday.
This resulted in a wider gap between the parallel market and NAFEM rates, which increased to N33.79 per dollar from N25.74 per dollar the day before.