Yesterday, the naira experienced a decline to N1,295 per dollar in the parallel market, down from N1,265 per dollar on Monday. Additionally, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N878.57 per dollar, as per data from FMDQ.
The indicative exchange rate for NAFEM increased from N838.95 per dollar on Monday to N878.57 per dollar, reflecting a N39.62 depreciation for the naira.
Consequently, the gap between the official and parallel market exchange rates narrowed to N416.43 per dollar yesterday compared to N426.05 per dollar on Monday.
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