The Naira’s downward spiral continued on Friday, as it depreciated to N1,610 per dollar in the parallel market, a significant drop from N1,580 per dollar the previous day.
This development has raised concerns about the country’s economic stability and the effectiveness of the Central Bank of Nigeria’s (CBN) foreign exchange management policies.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also saw a decline, reaching N1,609.29 per dollar compared to N1,603.80 on Thursday.
According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,609.29 per dollar from N1,603.80, reflecting a depreciation of 5.49 kobo.
The trading volume in the market surged by 28.6 percent, with $168.63 million traded compared to $131.09 million on Thursday.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to 71 kobo per dollar from 18.8 kobo per dollar the previous day.
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