The Naira fell to N1,740 per dollar in the parallel market yesterday, down from N1,735 on Tuesday.
Similarly, the Naira rose to N1,645.4 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM.
According to FMDQ data, the indicative exchange rate for NAFEM declined to N1,645.4 per dollar from N1,689.88 per dollar on Tuesday, representing an N44.48 appreciation in the naira.
The market’s dollar volume (turnover) increased by 122.5 percent to $236.84 million, up from $106.44 million sold on Tuesday.
As a result, the spread between the parallel market and the NAFEM rate increased to N94.6 per dollar from N45.12 per dollar on Tuesday.
