Naira Falls To N1,740/$ In Parallel Market As NAFEM Turnover Surges

The naira depreciated further in the parallel market, reaching N1,740 per dollar on Friday, down from N1,725 on Thursday.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira dropped to N1,678.87 per dollar, reflecting a N49.37 decline from the previous day’s rate of N1,639.5 per dollar.

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According to data from FMDQ, the turnover in NAFEM increased dramatically by 473%, rising to $1.4 billion from $244.96 million traded on Thursday, marking the highest trading volume in years.

This surge helped narrow the gap between the NAFEM and parallel market rates, reducing the margin to N61.13 per dollar from N85.5 the previous day.