On Thursday, the naira remained stable at N1,600 per dollar in the parallel market. In contrast, the currency strengthened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,570.14 per dollar from N1,586.11 per dollar the previous day. This represents a N15.97 improvement in the official NAFEM rate.
Despite this appreciation in NAFEM, the volume of dollars traded fell slightly by 0.5 percent, decreasing to $120.81 million from $120.2 million on the previous trading day.
As a result, the disparity between the parallel market rate and the NAFEM rate widened to N29.86 per dollar, up from N13.89 per dollar on Thursday. This increase in the margin reflects the growing gap between the two exchange rates, highlighting ongoing volatility and divergence in the forex market.
