Yesterday, the value of the naira dropped to N1,620 per dollar in the parallel market, compared to N1,615 per dollar on Tuesday. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N1,615.94 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,615.94 per dollar from N1,603.38 per dollar on Tuesday, reflecting a depreciation of N12.56 for the naira.
Throughout the day, the market saw a high of N1,635 per dollar and a low of N1,500 per dollar, resulting in a fluctuation of N135.
Additionally, the volume of dollars traded increased by 103.5 percent to $248.75 million from $122.18 million traded on Tuesday. Consequently, the margin between the parallel market rate and NAFEM narrowed to N4.06 per dollar from N11.62 per dollar on Tuesday.
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