Yesterday, the value of the Nigerian naira decreased compared to the US dollar in both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).
In the parallel market, the naira depreciated from N1,615 to N1,620 per dollar. Similarly, in the NAFEM, the naira depreciated to N1,615.94 per dollar from N1,603.38 per dollar on the previous day.
Data from FMDQ revealed that the indicative exchange rate for NAFEM rose by N12.56 depreciation for the naira. The market experienced fluctuations, with intraday highs and lows at N1,635 and N1,500 per dollar, respectively, resulting in a difference of N135.
Naira
The volume of dollars traded increased significantly by 103.5 percent to $248.75 million compared to $122.18 million traded on the previous day. Consequently, the margin between the parallel market rate and NAFEM narrowed to N4.06 per dollar from N11.62 per dollar.
Source: guardian.ng
