By Elizabeth Adegbesan

The Naira appreciated to N1,665 per dollar in the parallel market on Friday, strengthening from the previous rate of N1,685 per dollar on Thursday.

Similarly, the Naira gained value in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,631.21 per dollar. This is an improvement from Thursday’s rate of N1,659.26 per dollar, marking a N28.05 appreciation for the local currency.

Data from FMDQ indicated that the indicative exchange rate for NAFEM dropped to N1,631.21 per dollar, reflecting a stronger Naira.

However, the volume of dollars traded in the official market saw a decline, with turnover falling by 47 percent to $238.36 million, down from $450.39 million recorded on Thursday.

As a result, the gap between the parallel market rate and the NAFEM rate widened to N33.79 per dollar, up from N25.74 per dollar on Thursday.