Parallel market: Naira depreciates to N1,655/$
The Naira depreciated yesterday, falling to N1,655 per dollar in the parallel market, down from the N1,645 per dollar traded on Wednesday.
Recall that Naira had strengthened, rising to N1,645 per dollar in the parallel market, compared to the N1,650 per dollar rate recorded.
Similarly, the Naira weakened to N1,649.76 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,649.76 per dollar from N1,558.75 per dollar on Wednesday, reflecting a N91.01 depreciation for the Naira.
As a result, the gap between the parallel market and the NAFEM rate narrowed to N5.24 per dollar, compared to N86.25 per dollar the previous day.
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