On the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira fell to N1,603.8 per dollar yesterday.
The indicative exchange rate for NAFEM increased to N1,603.8 per dollar from N1,586.71 per dollar on Wednesday, according to data from FMDQ, suggesting a N37.95 devaluation of the naira.
The amount of money exchanged in the market, or turnover, decreased by 23.3 percent to $131.09 million from $171.03 million on Wednesday.
In a same vein, on Wednesday, the value of the Naira on the parallel market dropped from N1,575 to N1,580 per dollar. As a result, on Wednesday, the difference between the NAFEM rate and the parallel market was N11.71 per dollar, but on Thursday it was N18.8.
