The Naira lost value in the parallel market yesterday, falling from Tuesday’s value of N1,610 to N1, 615 per dollar.
Nonetheless, on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,543.84 for every dollar.
The indicative exchange rate for NAFEM dropped to N1,543.84 per dollar from N1,592.06 per dollar on Tuesday, according to data from FMDQ, indicating an N48.22 appreciation for the naira.
In NAFEM, the amount of money exchanged (turnover) increased from $152.26 million on Tuesday to $171.79 million, a 12.8 percent increase. As a result, on Tuesday, the difference between the NAFEM rate and the parallel market was N71.16 per dollar, while on Tuesday it was N17.94 per dollar.
