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The Naira depreciated to N1,645 per dollar yesterday, down from N1,640 per dollar on Tuesday. In contrast, the Naira appreciated to N1,539.65 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from FMDQ revealed that the indicative exchange rate for NAFEM improved to N1,539.65 per dollar from N1,656.49 per dollar on Tuesday, reflecting a N116.84 appreciation for the Naira.
The volume of dollars traded in the official market increased by 38.9 percent to $139.48 million from $100.39 million traded on Tuesday. As a result, the margin between the parallel market and the NAFEM rate widened to N105.35 per dollar from N16.49 per dollar.