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Economy

Naira Depreciates to ₦1,700 in Informal Market

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.

CBN Initiates Dollar Sale To Banks First Time In Five Months

Hotels, School, Other businesses Owners Charging In Dollars Risk Arrest - EFCC

The Spectacles

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