The value of the Naira decreased on the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,658.48 per US dollar.
The indicative exchange rate for NAFEM increased to N1,658.48 per dollar from N1,562.66 per dollar on Monday, according to data from FMDQ, suggesting a N95.82 depreciation of the naira.
From $100.21 million transacted on Monday, the amount of dollars moved (turnover) in the official market surged by 66% to $166.36 million.
The value of the Naira increased in the parallel market from N1,660 to N1,655 per dollar on Monday.
As a result, the difference between the NAFEM rate and parallel market dropped from N97.01 to N3.48 per dollar on Monday.
