Naira weakens to N1,739/$ in parallel market

On Thursday, the Naira depreciated in the parallel market, reaching N1,739 per dollar, up from N1,735 per dollar the previous day.

In contrast, the Naira showed strength in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,601.2 per dollar, a significant increase from N1,654.09 per dollar on Wednesday. This represents an appreciation of N52.89 for the Naira.

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Data from the FMDQ indicates that the volume of dollars traded in the official market surged by 69 percent, climbing to $230.99 million from $136.68 million on Wednesday.

As a result of these fluctuations, the gap between the parallel market and NAFEM rates widened significantly, expanding to N137.8 per dollar from N80.91 per dollar the previous day.