Yesterday, the Naira depreciated to N1,685 per dollar in the parallel market, down from N1,660 per dollar on Monday. Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency appreciated to N1,561.76 per dollar.
Data from the Financial Market Dealers Quote (FMDQ) indicated that the indicative exchange rate for NAFEM fell from N1,635.15 per dollar on Monday, reflecting an appreciation of N73.39 for the Naira. Additionally, the volume of dollars traded (turnover) in the official market surged by 100.9 percent, increasing to $253.68 million from $126.24 million traded on Monday.
As a result, the margin between the parallel market and the NAFEM rate expanded significantly, increasing to N123.24 per dollar from N24.85 per dollar on Monday.