In the parallel market today, the value of the Naira increased from N1,670 per dollar on Thursday to N1,690 per dollar. In a similar vein, the value of the Naira declined on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, to N1,641.27 per dollar.
The indicative exchange rate for NAFEM increased to N1,641.27 per dollar from N1,622.57 per dollar on Thursday, according to data from FMDQ, suggesting a N18.7 devaluation of the naira.
From $145.56 million transacted on Thursday, the amount of dollars moved (turnover) in the official market jumped by 323.7 percent to $616.73 million.
As a result, on Thursday, the difference between the NAFEM rate and parallel market was N48.73 per dollar, whereas on Thursday it was only N47.53.
