The Naira rose to N1,565 per dollar in the parallel market yesterday, up from N1,570 on Wednesday. However, the Nigerian Foreign Exchange Market (NFEM) saw the naira fall to N1,515.06 per dollar.
According to data issued by FMDQ Exchange, the indicative exchange rate for the naira increased to N1,515.06 per dollar from N1,511.63 per dollar on Wednesday, representing a N3.43 devaluation.
As a result, the spread between the parallel market and the NFEM rate fell to N49.94 per dollar from N58.37 per dollar on Wednesday.
