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BusinessNaira Slides to N1,395/$ in Unofficial Market, Sees Rise in Official Exchange

Naira Slides to N1,395/$ in Unofficial Market, Sees Rise in Official Exchange

The Nigerian naira faced a decline, reaching N1,395 against the dollar in the informal market, a shift from its previous standing at N1,365 per dollar recorded on Thursday.

Conversely, in the Nigerian Foreign Exchange Market (NAFEM), the naira witnessed an upswing, settling at N1,400.4 per dollar.

Data sourced from FMDQ indicates a decrease in the indicative exchange rate for NAFEM, dropping to N1,400.4 per dollar from its previous mark of N1,402.67 per dollar on Thursday. This reflects a positive shift of N2.27 favoring the naira.

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The trading volume of dollars in the market saw a decline of 13.3%, totaling $201.88 million compared to the previous day’s figure of $232.84 million.

Consequently, the spread between the unofficial market and NAFEM rates contracted, narrowing down to N5.4 per dollar from its previous stance at N37.67 per dollar on Thursday.

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