Conversely, the naira strengthened to N1,666.72 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for NAFEM decreased to N1,666.72 per dollar, a drop from N1,675.49 per dollar on Thursday, reflecting an appreciation of N8.77 for the naira.
Additionally, the volume of dollars traded in the official market saw a significant decline of 43.4 percent, falling to $94.20 million from $166.61 million on Thursday.
As a result, the gap between the parallel market rate and the NAFEM rate increased to N68.28 per dollar, compared to N54.51 per dollar the day before.