In the parallel market, the value of the Naira fell yesterday, from Tuesday’s N1,485 per dollar to N1,500 per dollar.
In a similar vein, the value of the Naira declined on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, to N1,476.24 per dollar.
The indicative exchange rate for NAFEM increased to N1,476.24 per dollar from N1,473.66 per dollar on Tuesday, according to data from FMDQ, indicating a N2.58 depreciation of the naira.
The amount of money exchanged on the window decreased from $385.91 million on Tuesday to $92.68 million, a 76% decrease.
Consequently, the margin between the parallel market and NAFEM rates widened to N23.76 per dollar from N11.34 per dollar on Tuesday.
