Breaking News
Naira fights back, sells for N1,485/$ in parallel market
The indicative exchange rate for NAFEM increased to N1,485.06 per dollar from N1,483.02 per dollar on Wednesday, according to data from FMDQ, suggesting a N2.04 devaluation of the naira.
On the parallel market yesterday, the value of the Naira increased from N1,490 per dollar on Wednesday to N1,485 per dollar.
However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira decreased to N1,485.36 per US dollar.
The indicative exchange rate for NAFEM increased to N1,485.06 per dollar from N1,483.02 per dollar on Wednesday, according to data from FMDQ, suggesting a N2.04 devaluation of the naira.
As a result, the difference in rates between the parallel market and NAFEM dropped from N6.98 per dollar on Wednesday to 36 kobo per dollar.
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