The Naira rose to N1,745 per dollar in the parallel market yesterday, up from N1,755 on Tuesday. However, the Naira fell to N1,660.83 per dollar on the Nigerian Autonomous Foreign Exchange Market, or NAFEM.
According to FMDQ data, the indicative exchange rate for NAFEM climbed to N1,660.83 per dollar from N1,659.44 per dollar on Tuesday, implying a naira devaluation of N1.39.
The volume of dollars transacted (turnover) decreased by 20.8 percent to $337.07 million from $425.98 million on Tuesday.
As a result, the difference between the parallel market and NAFEM rates fell to N84.17 per dollar from N95.56 per dollar on Tuesday.
