The Naira depreciated to N1,658.48 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate rose from N1,562.66 to N1,658.48 per dollar, reflecting a N95.82 loss for the naira. Dollar turnover in the official market surged by 66%, reaching $166.36 million, up from $100.21 million on Monday.
Meanwhile, in the parallel market, the naira appreciated to N1,655 per dollar, improving from N1,660 on Monday. As a result, the gap between the NAFEM and parallel market rates narrowed to N3.48 per dollar, down from N97.01 per dollar on Monday.
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