Yesterday, the Naira rose to N1,730 per dollar on the parallel market, up from N1,740 per dollar on Wednesday. However, the Naira fell to N1,650.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM.
According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,650.2 per dollar from N1,645.4 per dollar on Wednesday, meaning that the naira depreciated by N4.8. The market's dollar volume traded (turnover) fell 9.33 percent to $214.73 million, down from $236.84 million sold on Wednesday.
As a result, the gap between parallel market and NAFEM rates shrank to N79.8 per dollar from N94.6 per dollar on Wednesday.
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