In the parallel market yesterday, the value of the Naira fell from Tuesday’s N1,535 per dollar to N1,560 per dollar.
Similarly, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira fell to N1,561.98 per US dollar.
The indicative exchange rate for NAFEM increased to N1,561.98 per dollar from N1,532.58 per dollar on Tuesday, according to data from FMDQ, suggesting a N29.4 devaluation of the naira.
As a result, the difference in rates between the NAFEM and parallel market dropped from N2.42 to N1.98 per dollar on Tuesday.
