The Nigerian naira experienced a positive trend in the foreign exchange market on Friday. In the parallel market, the naira appreciated from N1,250 per dollar on Thursday to N1,245 per dollar. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira appreciated to N1,251.05 per dollar.
Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped from N1,255.07 per dollar on Thursday to N1,251.05 per dollar on Friday, indicating a N4.02 appreciation for the naira.
Throughout the trading day, the market witnessed a high of N1,281 per dollar and a low of N1,220 per dollar, resulting in a margin of N61.
The volume of dollars traded in the market saw a significant increase of 78.6 percent, reaching $248.27 million compared to $138.99 million traded on Thursday.
As a result of these developments, the margin between the parallel market and NAFEM rates widened to N6.05 per dollar, up from N5.07 per dollar on Thursday.
These fluctuations in the foreign exchange market reflect the dynamics of supply and demand for foreign currency in Nigeria. Factors such as economic indicators, government policies, and global market trends can influence the exchange rate. It is important for individuals and businesses to stay informed about these changes in order to make informed decisions regarding foreign currency transactions.
Please note that exchange rates are subject to change and may vary across different markets. It is advisable to consult with authorized financial institutions or foreign exchange bureaus for the most accurate and up-to-date rates before engaging in any currency exchange activities.
