The Naira depreciated yesterday to N1,680 per dollar in the parallel market, down from N1,655 on Tuesday. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira fell to N1,667.42 per dollar.
Data from FMDQ indicated that NAFEM’s exchange rate rose from N1,658.48 per dollar on Tuesday, reflecting an N8.94 decline. Meanwhile, dollar turnover in the official market dropped by 39.6% to $100.47 million from Tuesday’s $166.36 million.
As a result, the gap between the parallel market and NAFEM rates widened to N12.58 per dollar, compared to N3.48 on Tuesday.
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