The Naira depreciated in the parallel market yesterday to N1,540 per dollar, down from N1,530 per dollar on Wednesday. Similarly, the Naira fell to N1,533.99 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from FMDQ indicated that the indicative exchange rate for NAFEM increased to N1,533.99 per dollar from N1,459.02 per dollar on Wednesday, showing a N74.97 depreciation for the Naira. As a result, the margin between the parallel market and NAFEM rates narrowed to N6.01 per dollar from N70.98 per dollar on Wednesday.