In the currency markets, the naira showed resilience on Friday, marking an upward trend against the US dollar. The parallel market witnessed a positive shift as the naira appreciated to N1,245 per dollar, a slight improvement from N1,250 recorded on Thursday.
Likewise, in the Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N1,251.05 per dollar, according to data from FMDQ.
This marked a notable decrease from the previous day’s rate of N1,255.07 per dollar, indicating a positive shift of N4.02 for the local currency.
Market dynamics showcased an intraday high of N1,281 per dollar and a low of N1,220 per dollar, resulting in a substantial margin of N61. Notably, the volume of dollars traded surged by 78.6 percent, totaling $248.27 million compared to $138.99 million traded on Thursday.
Consequently, the gap between the parallel market and NAFEM rates widened to N6.05 per dollar, highlighting the growing disparity between the two market segments compared to the previous day’s margin of N5.07 per dollar.
