The naira weakened further, reaching N1,740 per dollar in the parallel market, down from N1,725 the previous day. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira also declined to N1,678.87 per dollar from N1,639.5, marking a N49.37 loss.
Data from FMDQ revealed a significant rise in NAFEM turnover, which surged by 473% to $1.4 billion from $244.96 million on Thursday—marking the highest trading volume in recent years.
As a result, the gap between the parallel market and NAFEM rates decreased to N61.13 per dollar, compared to N85.5 per dollar the previous day.