Yesterday, the Naira fell to N1,600 per dollar on the parallel market, down from N1,585 per dollar on Tuesday.
Similarly, the Naira fell to N1,545 per dollar on the official foreign currency market.
According to data from the Central Bank of Nigeria’s Daily Nigerian Foreign Exchange Market (NFEM), the naira’s indicative exchange rate increased to N1,545 per dollar from N1,525 per dollar on Tuesday, suggesting a N20 devaluation.
As a result, the difference between the parallel market and NFEM rates fell to N55 per dollar from N60 per dollar on Tuesday.
