In the parallel market yesterday, the value of the Naira fell from N1,580 per dollar on Monday to N1, 585 per dollar. In a same vein, the Naira lost value on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, Wednesday, falling to N1,621.12 per dollar.
The indicative exchange rate for NAFEM increased to N1,621.12 per dollar from N1,611.4 per dollar on Monday, according to data from FMDQ, suggesting a N9.72 devaluation of the naira.
From $179.34 million traded on Monday, the amount of dollars moved in the market fell by 7.2 percent to $166.34 million.
As a result, on Monday, the difference between the NAFEM rate and the parallel market was N31.4 per dollar, but on Tuesday it was N36.12 per dollar.
