The value of the Nigerian naira depreciated against the US dollar on Friday, reaching N1,740 per dollar in the parallel market. This represents a decline from the previous day's exchange rate of N1,725 per dollar.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira also experienced a depreciation, falling to N1,678.87 per dollar. 

Data from FMDQ indicates that the indicative exchange rate for NAFEM increased from N1,639.5 per dollar on Thursday to N1,678.87 per dollar on Friday, reflecting a depreciation of N49.37 for the naira.

The turnover of dollars traded in the official market surged by 473 percent, reaching $1,403.76 million compared to $244.96 million on Thursday.

This marks the highest trading volume in several years.

As a result, the gap between the parallel market and NAFEM rates decreased to N61.13 per dollar, down from N85.5 per dollar on Thursday.