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Naira further depreciates to N1,380/$ in parallel market
The indicative exchange rate for NAFEM increased to N1,402.67 per dollar from N1,390.96 per dollar on Tuesday, according to data from FMDQ, suggesting a N11.71 devaluation of the naira.
In the parallel market yesterday, the value of the Naira fell from Tuesday’s N1,320 per dollar to N1,380 per dollar.
In the same way, the value of the Naira decreased to N1,402.67 per dollar on the Nigerian Foreign Exchange Market, or NAFEM.
The indicative exchange rate for NAFEM increased to N1,402.67 per dollar from N1,390.96 per dollar on Tuesday, according to data from FMDQ, suggesting a N11.71 devaluation of the naira.
As a result, the difference in rates between the parallel market and NAFEM fell to N37.67 per dollar from N70.96 on Tuesday.
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