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Yesterday, the Naira depreciated in the parallel market to ₦1,590 per dollar from ₦1,580 per dollar on Monday.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also fell to ₦1,582.09 per dollar, compared to ₦1,570.99 per dollar the previous day, marking a ₦11.1 depreciation.
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Data from FMDQ revealed that the indicative exchange rate for NAFEM rose to ₦1,582.09 per dollar from ₦1,570.99, reflecting a decrease in the Naira’s value. The volume of dollars traded in the market dropped by 18.2% to $201.43 million, down from $246.44 million on Monday.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to ₦7.91 per dollar, compared to ₦10.80 per dollar on Monday.
