Yesterday, the naira dropped to N1,260 per dollar in the parallel market, down from N1,240 on Thursday. Simultaneously, it depreciated to N890.54 per dollar in the Nigerian Foreign Exchange Market (NAFEM).
FMDQ data revealed that the indicative exchange rate for NAFEM increased to N890.54 per dollar, reflecting a N15.75 depreciation for the naira compared to Thursday’s rate of N874.79 per dollar.
Consequently, the gap between official and parallel market rates widened to N369.46 per dollar from N365.21 per dollar on Thursday.
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