Naira drops to N1,740 per dollar in parallel market
In the parallel market, the value of the naira dropped from N1,725 to N1,740 per dollar on Thursday to N1,740 today. In a similar vein, the Nigerian Autonomous Foreign Exchange Market, or NAFEM, saw a decline in the value of the naira to N1,678.87 per dollar.
According to data from FMDQ, the naira depreciated by N49.37 on Thursday, as the indicative exchange rate for NAFEM increased to N1,678.87 per dollar from N1,639.5 per dollar on Thursday.
The official market's turnover, or the amount of dollars traded, increased 473 percent to $1,403.76 million from $244.96 million on Thursday.
It's the most trading volume in years. As a result, the difference between the NAFEM rate and the parallel market dropped from N85.5 to N61.13 per dollar on Thursday.
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