In a day of contrasting fortunes for the Nigerian naira, it depreciated to N1,180 per dollar in the parallel market, while appreciating in the Nigerian Foreign Exchange Market (NAFEM) to N793.28 per dollar.
Data from FMDQ revealed that the indicative exchange rate for the I&E window rose to N793.28 per dollar, indicating a N7.26 depreciation for the naira, compared to N786.02 per dollar on Wednesday. T
he NAFEM also witnessed a 28 percent increase in the volume of dollars traded, reaching $136.11 million from the previous day’s $105.98 million.
As a result, the gap between the official and parallel market exchange rates widened to N386.72 per dollar from N334.68 per dollar on Wednesday.
