Yesterday, the naira saw an uptick to N1,445 per dollar in the parallel market compared to N1,455 per dollar on Monday. However, it experienced a depreciation to N1,433.89 per dollar in the Nigerian Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,433.89 per dollar from N1,419.86 per dollar on Monday, indicating a depreciation of N14.03 for the naira.
Consequently, the margin between the official and parallel market exchange rates contracted to N11.11 per dollar yesterday from N35.14 per dollar the previous week.
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