On the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira fell to N1,625.13 per dollar yesterday.
The indicative exchange rate for NAFEM increased to N1,625.13 per dollar from N1,561.76 per dollar on Tuesday, according to data from FMDQ, indicating an N63.37 depreciation of the naira. From $253.68 million traded on Tuesday, the amount of dollars traded (turnover) in the official market fell by 32.7 percent to $170.6 million.
On the other hand, the Naira strengthened against the dollar on the black market, moving up to N1,675 from N1,685 on Tuesday.
As a result, the difference in value between the NAFEM rate and the parallel market dropped from N123.24 to N49.87 per dollar on Tuesday.
