The Naira has hit a new low, depreciating to N1,610 per dollar in the parallel market on Friday, down from N1,580 per dollar on Thursday.
Similarly, the Naira fell to N1,609.29 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on the same day. According to FMDQ data, the indicative exchange rate for NAFEM rose to N1,609.29 per dollar from N1,603.8 per dollar on Thursday, marking a depreciation of N5.49 kobo.
The volume of dollars traded in the market saw a significant increase of 28.6 percent, rising to $168.63 million from $131.09 million traded on Thursday.
As a result, the margin between the parallel market and NAFEM rate narrowed to 71 kobo per dollar from N18.8 per dollar on Thursday.
