The Naira continued its decline on Friday, falling to ₦1,700 per dollar in the parallel market, down from ₦1,675 per dollar the previous day.
Conversely, the Naira gained ground in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to ₦1,540.78 per dollar. Data from the FMDQ Exchange indicated that the official NAFEM exchange rate improved by ₦35.32, rising from ₦1,576.1 per dollar on Thursday.
Despite this gain, dollar trading volume in the official market saw a significant drop, with a 36.4 percent decline in turnover—falling to $212.31 million from the $334.05 million recorded the day before.
As a result of the contrasting trends, the gap between the parallel market and NAFEM rates widened substantially, increasing from ₦98.9 per dollar to ₦159.22 per dollar.
