In the parallel market, the value of the Naira dropped from N1,690 to N1,710 per dollar on Wednesday to N1,710 yesterday. Similarly, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira fell to N1,660.49 per dollar.
According to data from FMDQ, the naira depreciated by 80 kobo, with the indicative exchange rate for NAFEM increasing to N1,660.49 per dollar from N1,659.69 per dollar on Wednesday.
On Wednesday, the official market’s turnover, or the amount of dollars traded, increased by 86.4 percent to $330.18 million from $177.1 million.
As a result, the gap between the NAFEM rate and the parallel market increased from N30.31 to N49.51 per dollar on Wednesday.
