Yesterday, the Nigerian naira saw a decline to N1,465 per dollar in the parallel market, compared to N1,445 per dollar on Tuesday. However, in the Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N1,418.78 per dollar.
Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,418.78 per dollar from N1,433.89 per dollar on Tuesday, reflecting a N15.11 appreciation for the naira.
As a result, the disparity between the official and parallel market exchange rates widened to N46.22 per dollar yesterday from N11.11 per dollar on Tuesday.
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