Yesterday, the Naira declined to N1,100 per dollar in the parallel market, down from N1,080 per dollar on Monday. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira depreciated to N1,148.14 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,148.14 per dollar from N1,136.04 per dollar on Monday, reflecting a depreciation of N12.1 for the Naira.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N48.14 per dollar from N56.04 per dollar on Monday.
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