The Naira’s value dropped to N1,510 per dollar in the informal market, down from N1,500 per dollar on Thursday. However, it strengthened to N1,469.97 per dollar in the Nigerian Foreign Exchange Market (NAFEM).
According to FMDQ data, the indicative exchange rate in NAFEM decreased to N1,469.97 per dollar from N1,479.47 per dollar on Thursday, signaling a N9.5 increase in the value of the Naira.
Consequently, the disparity between the official and informal market exchange rates widened to N40.03 per dollar from N20.53 per dollar on Thursday.
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