On Friday, the Nigerian naira experienced a decline to N885.88 per dollar in the official Nigerian Foreign Exchange Market (NAFEM), as per FMDQ data. This marked a depreciation from N861.91 per dollar recorded on Thursday, indicating a N23.97 decrease in the naira’s value.
During the trading day, the naira’s value fluctuated, reaching an intraday high of N1,248 per dollar and a low of N700 per dollar, resulting in a margin of N548 per dollar.
Similarly, in the parallel market, the naira declined to N1,225 per dollar from N1,220 per dollar on Thursday. As a result, the gap between the official and parallel market rates narrowed to N339.12 per dollar on Friday, compared to N358.09 per dollar the day before.
Moreover, the volume of dollars traded on the exchange window decreased by 49 percent, totaling $92.16 million on Friday, down from $181.3 million traded on Thursday.
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