Naira appreciates to N1,745 per dollar at parallel market
In the parallel market, the value of the Naira increased from N1,755 to N1,745 per dollar on Tuesday to N1,745 yesterday. However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira fell to N1,660.83 per dollar.
The naira depreciated by N1.39, according to data from FMDQ, which revealed that the indicative exchange rate for NAFEM increased to N1,660.83 per dollar from N1,659.44 per dollar on Tuesday.
Turnover, or the amount of money exchanged, fell 20.8 percent to $337.07 million from Tuesday's $425.98 million.
As a result, the difference between the NAFEM rate and the parallel market dropped from N95.56 to N84.17 per dollar on Tuesday.
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