Naira rises to N1,375 per dollar in parallel market
On the parallel market yesterday, the value of the Naira increased from N1,500 per dollar on Tuesday to N1,375 per dollar. However, the value of the Naira decreased on the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,339.33 for every US dollar.
The indicative exchange rate for NAFEM increased to N1,329.65 per dollar from N1,173.88 per dollar on Tuesday, according to data from FMDQ, suggesting a N155.77 devaluation of the naira.
As a result, the difference in value between the NAFEM rates and the parallel market dropped from N326.12 to N45.35 per dollar on Tuesday.
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