According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N907.11 per dollar from N1,043 per dollar on Thursday, showing a 13% gain or N135.89 appreciation for the naira.

The market saw an intraday high of N1,224 per dollar and an intraday low of N700 per dollar, resulting in a margin of N524 per dollar.

The volume of dollars traded on the window increased by seven percent to $89.3 million from $83.63 million traded on Thursday.

However, the naira depreciated to N1,215 per dollar in the parallel market from N1,210 per dollar on Thursday.

As a result, the gap between the official and parallel market exchange rates widened to N307.89 per dollar yesterday from N166.91 on Thursday.