Olayomi Koiki

The Nigerian Naira on Friday, 26 July, fell to N1,610 per dollar in the parallel market, down from N1,580 per dollar the previous day.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also weakened, trading at N1,609.29 per dollar compared to N1,603.80 per dollar on Thursday, 25 July, marking a depreciation of N5.49 kobo.

Data from FMDQ indicated a significant rise in dollar trading volume, with turnover increasing by 28.6% to $168.63 million from $131.09 million the day before.

The gap between the parallel market rate and the NAFEM rate has narrowed considerably, reducing from N18.80 per dollar to 71 kobo per dollar. This narrowing reflects the growing convergence between the two exchange rates amid fluctuating market conditions.

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