The Naira yesterday declined to N1,739 per dollar in the parallel market from N1,735 per dollar on Wednesday.
However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,601.2 per dollar.
According to data from FMDQ, the naira appreciated by N52.89 on Wednesday, as the indicative exchange rate for NAFEM dropped from N1,654.09 to N1,601.2 per dollar.
The official market saw a 69 percent increase in turnover, or the amount of dollars traded, from Wednesday’s $136.68 million to $230.99 million.
As a result, the difference between the NAFEM rate and the parallel market rate increased from N80.91 to N137.8 per dollar on Wednesday.
