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On Thursday, the Naira depreciated to N1,541.52 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ indicated that the indicative exchange rate for NAFEM dropped from N1,544.02 per dollar, reflecting a N2.5 appreciation for the Naira.
However, the volume of dollars traded in the official market saw a significant decline of 117.7%, falling to $190.57 million from $87.51 million on Thursday. As a result, the margin between the parallel market and the NAFEM rate decreased to N98.48 per dollar, down from N105.98 per dollar the previous day.