The Naira appreciated to ₦1,690 per dollar in the parallel market today, up from ₦1,670 per dollar on Thursday. This reflects a modest gain for the local currency in the unofficial market.
In contrast, the Naira experienced depreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it fell to ₦1,641.27 per dollar, a decline from ₦1,622.57 per dollar the previous day. This represents a ₦18.7 depreciation for the Naira in the official market.
Data from the Financial Markets Dealers Quotations (FMDQ) indicated that the indicative exchange rate for NAFEM rose, suggesting increased demand or lower supply of foreign currency.
Notably, the volume of dollars traded in the official market surged by 323.7 percent, rising to $616.73 million from $145.56 million on Thursday. This increase in turnover suggests heightened activity in the forex market.
As a result, the margin between the parallel market and the NAFEM rate widened to ₦48.73 per dollar, compared to ₦47.53 per dollar on Thursday, highlighting the growing discrepancy between the two markets.