In the parallel market yesterday, the value of the Naira increased from N1,615 per dollar on Wednesday to N1, 600 per dollar.
However, on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira decreased to N1,586.11 per dollar. The indicative exchange rate for NAFEM increased to N1,586.11 per dollar from N1,543.84 per dollar on Wednesday, according to data from FMDQ, indicating an N42.27 depreciation of the naira.
In NAFEM, the amount of money exchanged (turnover) decreased by 30% to $120.2 million from $171.79 million on Wednesday. As a result, on Wednesday, the difference between the NAFEM rate and the parallel market dropped from N71.16 to N13.89 per dollar.
