On Friday, the naira experienced a depreciation to N1,640 per dollar in the parallel market, compared to N1,595 per dollar on Thursday. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N1,537.96 per dollar on Friday.

Data from FMDQ revealed that the indicative exchange rate for NAFEM rose to N1,537.96 per dollar from N1,498.25 per dollar on Thursday, indicating a depreciation of N39.71 for the naira. The market saw an intraday high of N1,631 per dollar and an intraday low of N1,000 per dollar, resulting in a fluctuation of N631 per dollar.

The volume of dollars traded (turnover) during the week declined by 59 percent to $886.49 million from $2.16 billion the previous week. Consequently, the gap between the official and parallel market exchange rates widened to N102.04 per dollar on Friday from N96.75 per dollar on Thursday.

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