In the parallel market yesterday, the value of the Naira fell from N1,660 per dollar on Monday to N1,685 per dollar. However, the local currency gained value on the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching N1,561.76 per US dollar.
The indicated exchange rate for NAFEM dropped to N1,561.76 per dollar from N1,635.15 per dollar on Monday, according to data from FMDQ, indicating a N73.39 appreciation for the naira.
From $126.24 million transacted on Monday, the amount of dollars traded (turnover) in the official market increased by 100.9 percent to $253.68 million.
As a result, on Monday, the difference between the NAFEM rate and the parallel market was N24.85 per dollar, but on Tuesday it was N123.24.
