The Naira experienced contrasting movements across exchange markets on Friday, with depreciation recorded in the parallel market and appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
In the parallel market, the Naira slid to N1,750 per dollar, down from N1,745 per dollar on Thursday. However, in NAFEM, it appreciated to N1,652.62 per dollar, gaining N6.05 from the previous rate of N1,658.67 per dollar.
According to data from FMDQ, NAFEM saw an intraday high of N1,703 per dollar and a low of N1,640 per dollar. The market also witnessed a significant increase in turnover, with a 48.5% rise in traded volume to $243.05 million, compared to $163.66 million on Thursday.
As a result, the gap between the parallel market rate and the NAFEM rate widened to N97.38 per dollar, up from N86.33 per dollar on Thursday, reflecting increased divergence between the two markets.
This dual trend highlights ongoing volatility in the Nigerian foreign exchange market as traders and policymakers navigate persistent currency pressures.