At N885.88 per dollar on the official Nigerian Foreign Exchange Market (NAFEM), the value of the naira depreciated.
The indicative exchange rate for NAFEM increased to N885.88 per dollar on Thursday from N861.91 per dollar, according to data from FMDQ. This represents a depreciation of N23.97 for the naira.
The intraday peak for the window was recorded at N1248 per dollar, whereas the intraday low was N700 per dollar, for a difference of N548 per dollar.
In a parallel market transaction, the value of the naira experienced a decline from N1,220 per dollar on Thursday to N1,225 per dollar.
As a result, the differential between the official and parallel market exchange rates decreased from N358.09 per dollar on Thursday to N339.12 per dollar yesterday.
The dollar trading volume on the window decreased by 49 percent from $181.3 million on Thursday to $92.16 million.