Sodiq Rabiu
The Nigerian Naira on Friday depreciated to ₦1,745 per U.S. dollar in the parallel market from ₦1,740 per dollar it traded on Thursday, and also depreciated to ₦1,672.69 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Meanwhile, the indicative exchange rate for NAFEM rose to ₦1,672.69 per dollar from ₦1,644.86 per dollar on Thursday, indicating ₦27.83 depreciation for the naira, according to data from FMDQ.
The volume of dollars traded (turnover) increased by 54.6 percent to $254.1 million from $560.34 million traded on Thursday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to ₦72.31 per dollar from ₦95.14 per dollar on Thursday.
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