Naira Depreciates To N1,610/$ In Parallel Market

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The Nigerian Naira experienced a significant depreciation on Friday, dropping to N1,610 per dollar in the parallel market, down from N1,580 per dollar on Thursday.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,609.29 per dollar from N1,603.80 per dollar the previous day, reflecting a depreciation of N5.49 kobo.

Data from the FMDQ indicated that the volume of dollars traded in NAFEM increased by 28.6 percent, reaching $168.63 million from the $131.09 million traded on Thursday.

As a result, the gap between the parallel market rate and the NAFEM rate narrowed significantly to 71 kobo per dollar from N18.80 per dollar on Thursday.

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