Naira falls to N1750 per dollar in parallel market
In the parallel market, the value of the Naira dropped from N1,745 to N1,750 per dollar on Thursday to N1,750 today.
However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,652.62 per dollar.
According to data from FMDQ, the naira appreciated by N6.05 on Thursday, as the indicative exchange rate for NAFEM dropped from N1,658.67 to N1,652.62 per dollar. N1,703 per dollar was the market's intraday high, and N1,640 per dollar was its intraday low.
The amount of money exchanged (turnover) increased from $163.66 million on Thursday to $243.05 million, a 48.5 percent increase.
As a result, the difference between the NAFEM rate and the parallel market rate increased from N86.33 to N97.38 per dollar on Thursday.
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