In the parallel market yesterday, the value of the Naira increased from N1,705 per dollar on Monday to N1,700 per dollar. In the same way, the value of the Naira declined on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, to N1,669.15 per dollar.
The indicative exchange rate for NAFEM dropped to N1,669.15 per dollar from N1,541.94 per dollar on Monday, according to data from FMDQ, indicating a N127.2 appreciation for the Naira.
In the official market, the amount of dollars traded (turnover) decreased from $181.86 million on Monday by 2.97 percent to $176.45 million.
As a result, the difference in value between the NAFEM rate and the parallel market dropped from N163.06 to N30.85 per dollar on Monday.
