The Naira experienced mixed fortunes on Thursday as it appreciated in the parallel market but depreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
In the parallel market, the Naira strengthened to N1,470 per dollar from N1,500 per dollar on Thursday, marking a notable appreciation.
However, in the NAFEM, the Naira depreciated to N1,482.72 per dollar from N1,476.24 per dollar on Thursday, indicating a depreciation of N6.48 for the Naira.
Data from FMDQ showed a significant decrease in the volume of dollars traded on the NAFEM window, with a 98 percent drop to $183.47 million from $92.68 million on Thursday.
As a result, the margin between the parallel market and NAFEM rates narrowed to N12.72 per dollar from N23.76 per dollar on Thursday.
