The Naira’s value continued its downward slide on Friday, depreciating to N1,590 per dollar in the parallel market, a drop from Thursday’s rate of N1,585 per dollar.
This trend was mirrored in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira fell to N1,579.89 per dollar, compared to N1,564.4 per dollar the previous day—a depreciation of N15.49.
Data from FMDQ indicates a significant decrease in dollar trading volume within the market, with a 22.7% drop from $149.24 million on Thursday to $115.23 million on Friday. As a result, the gap between the parallel market rate and the NAFEM rate narrowed substantially, reducing to N10.11 per dollar from Thursday’s N20.52 per dollar.
This continued depreciation reflects the ongoing challenges facing Nigeria’s currency amidst fluctuating market conditions and economic pressures.