The Naira experienced a depreciation of N8.94 against the dollar yesterday, falling to N1,680 per dollar in the parallel market from N1,655 per dollar on Tuesday.
Similarly, the Naira declined to N1,667.42 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM.
FMDQ data revealed that the indicative exchange rate for NAFEM increased to N1,667.42 per dollar from N1,658.48 per dollar on Tuesday, indicating a N8.94 depreciation for the naira.
The amount of dollars traded (turnover) in the official market fell by 39.6 percent to $100.47 million from $166.36 million on Tuesday.
As a result, the difference between the parallel market and NAFEM rate narrowed to N12.58 per dollar from N3.48 per dollar on Tuesday.
