The Naira weakened to N1,725 per dollar in the parallel market today, down from N1,710 per dollar on Thursday.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,600.78 per dollar.
Data from FMDQ revealed that the NAFEM indicative exchange rate dropped to N1,600.78 per dollar from N1,660.49 per dollar on Thursday, reflecting a N59.71 gain for the Naira.
Dollar turnover in the official market increased by 6.2%, rising to $350.72 million from Thursday’s $330.18 million.
As a result, the gap between the parallel market and NAFEM rates widened.
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