On Friday, the Naira weakened to N1,540 against the dollar in the parallel market, compared to N1,490 on Thursday. However, it strengthened to N1,548.25 against the dollar in the Nigerian Foreign Exchange Market (NAFEM).
Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,548.25 from N1,595.11 on Thursday, marking a N46.86 appreciation for the Naira. The market saw a high of N1,652.4 and a low of N1,400, resulting in a margin of N252.4. Turnover increased by 36% to $296 million from $217.14 million on Thursday.
Consequently, the gap between the official and parallel market rates narrowed to N8.25 from N135.11 on Thursday.
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