Naira drops to N1,656/$ in foreign exchange market
On the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira fell to N1,656.49 per dollar yesterday.
The indicative exchange rate for NAFEM increased to N1,656.49 per dollar from N1,546.51 per dollar last Friday, according to data from FMDQ, suggesting a N109.98 devaluation of the naira. But last weekend, the Naira strengthened to N1,640 per dollar from N1,660.
As a result, last Friday's difference between the parallel market and NAFEM rate dropped to N16.49 per dollar from N113.59.
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