Naira drops to N1740/$ in parallel market
In the parallel market, the value of the Naira dropped from N1,735 to N1,740 per dollar on Tuesday to N1,740 yesterday.
Similarly, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,645.4 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM decreased from N1,689.88 to N1,645.4 on Tuesday, representing an N44.48 increase in the value of the naira.
The market's turnover, or the amount of money exchanged, increased by 122.5 percent to $236.84 million from Tuesday's sales of $106.44 million.
As a result, the gap between the NAFEM rate and the parallel market increased from N45.12 to N94.6 per dollar on Tuesday.
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