Naira Falls to N1,750 Against Dollar in Parallel Market, Gains in Official Window
Nigeria's currency sees contrasting movements as official market records 48.5% surge in trading volume
The Nigerian Naira showed mixed performance across different markets on Friday, depreciating to N1,750 per dollar in the parallel market while strengthening in the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from FMDQ revealed that the Naira gained N6.05 in the official window, closing at N1,652.62 per dollar compared to Thursday’s rate of N1,658.67. The NAFEM market demonstrated increased activity with dollar trading volume surging 48.5 percent to $243.05 million from $163.66 million the previous day. Trading sessions recorded a high of N1,703 and a low of N1,640 per dollar.
Meanwhile, the parallel market saw the Naira weaken by N5, moving from N1,745 to N1,750 against the dollar. This divergent movement in both markets has widened the rate gap between the parallel and official markets to N97.38 per dollar, up from Thursday’s N86.33 differential.
