Naira slips to N1,700 against dollar in parallel market

On Friday, the Naira weakened further in the parallel market, falling to N1,700 per dollar, down from N1,675 recorded on Thursday.

Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened, appreciating to N1,540.78 per dollar.

According to data from FMDQ, the indicative exchange rate in NAFEM improved to N1,540.78 per dollar, compared to N1,576.1 on Thursday, marking a gain of N35.32 for the Naira.

However, the volume of dollar transactions in the official market saw a 36.4 percent decrease, with $212.31 million traded, down from $334.05 million the previous day.

As a result, the gap between the parallel market and the NAFEM exchange rate widened significantly to N159.22 per dollar, compared to Thursday’s margin of N98.9 per dollar.