The Naira experienced a decline in the parallel market, reaching N1,495 per dollar compared to N1,470 per dollar previously.
However, there was a positive trend in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira strengthened to N1,462.59 per dollar.
Data from FMDQ indicates a notable appreciation of N3.09 for the Naira in the NAFEM. This has led to a widening margin between the parallel market and NAFEM rates, now standing at N33.59 per dollar, highlighting the disparity between official and unofficial exchange rates.
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