The Naira fell to N1,620 per dollar in the parallel market Wednesday, down from N1,615 on Tuesday. Similarly, the Naira fell to N1,606.56 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM.
According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,606.59 per dollar from N1,594.27 per dollar on Tuesday, meaning that the naira depreciated by N12.32.
The volume of dollars exchanged (turnover) in NAFEM increased by 2.5% to $160.94 million from $156.94 million on Tuesday.
As a result, the gap between the parallel market and the NAFEM rate shrank to N13.41 per dollar from N20.73 per dollar on Tuesday.
