Naira drops to N1,680/$ at parallel market
In the parallel market yesterday, the value of the Naira fell from Tuesday's N1,655 per dollar to N1,680 per dollar. Similarly, on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira fell to N1,667.42 per US dollar.
The indicative exchange rate for NAFEM increased to N1,667.42 per dollar from N1,658.48 per dollar on Tuesday, according to data from FMDQ, suggesting a N8.94 devaluation of the naira.
From $166.36 million transacted on Tuesday, the amount of dollars moved (turnover) in the official market fell by 39.6% to $100.47 million.
As a result, on Tuesday, the difference between the NAFEM rate and the parallel market was N3.48 per dollar, but on Wednesday it was N12.58.
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