BREAKING: What Dollar Did To Naira At Official Market

BREAKING: What Dollar Did To Naira At Official Market

On Friday, the official exchange rate of the Nigerian naira in the Nigerian Foreign Exchange Market (NAFEM) experienced depreciation, reaching N885.88 per dollar, according to data from FMDQ.

This marks a decrease from the previous day’s rate of N861.91 per dollar, reflecting a N23.97 depreciation for the naira.

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The intraday high and low for the NAFEM were recorded at N1,248 per dollar and N700 per dollar, respectively, resulting in a margin of N548 per dollar.

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In parallel markets, the naira also depreciated to N1,225 per dollar from N1,220 per dollar on Thursday. As a result, the gap between the official and parallel market exchange rates narrowed to N339.12 per dollar on Friday from N358.09 per dollar on Thursday.

The volume of dollars traded on the NAFEM window experienced a 49% decrease, totaling $92.16 million compared to the $181.3 million traded on Thursday.

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