The Naira fell to N1,668 per dollar in the parallel market yesterday, down from N1,600 on Wednesday. On the official foreign exchange market, the Naira rose to N1,534.6 per dollar.
According to data from the Central Bank of Nigeria’s Daily Nigerian Foreign Exchange Market (NFEM), the naira’s indicative exchange rate decreased to N1,534.6 per dollar from N1,545 per dollar on Wednesday, indicating a N10.4 appreciation.
As a result, the spread between the parallel market and the NFEM rate increased to N133.4 per dollar from N55 per dollar on Wednesday.
