The Naira witnessed a decline in value, reaching N1,100 per dollar in the parallel market yesterday, compared to N1,080 per dollar the previous day. Simultaneously, in the Nigerian Foreign Exchange Market (NAFEM), the Naira also depreciated to N1,148.14 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM experienced an increase to N1,148.14 per dollar from N1,136.04 per dollar on Monday, signaling 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, reflecting ongoing fluctuations in the exchange rate landscape.
