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Yesterday, the Naira depreciated to N1,656.49 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ revealed that this marked a decline from N1,546.51 per dollar the previous week, representing a depreciation of N109.98.
Despite this, the Naira appreciated to N1,640 per dollar from N1,660 per dollar over the weekend. As a result, the difference between the parallel market and NAFEM rates decreased to N16.49 per dollar from N113.59 per dollar the previous week.