Naira rises to N1,500/$ at parallel market
On the parallel market, the value of the Naira increased from N1,505 per dollar on Monday to N1,500 per dollar yesterday.
However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira decreased to N1,500.79 per dollar.
The indicative exchange rate for NAFEM increased to N1,500.79 per dollar from N1,490.2 per dollar on Monday, according to data from FMDQ, suggesting a N10.59 devaluation of the naira.
From $152 million transacted on Monday, the amount of dollars moved (turnover) in the market decreased by 10% to $136.72 million.
As a result, the difference in rates between the parallel market and NAFEM dropped from N14.8 per dollar on Monday to 79 kobo per dollar.
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