Yesterday, the Naira experienced a decline in the Nigerian Foreign Exchange Market (NAFEM), reaching N1,300.15 against the US dollar, marking a significant drop from last week's rate.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,300.15 per dollar, up from N1,234.49 per dollar recorded the previous Friday, showing a depreciation of N65.66.
In the parallel market, the Naira also saw a decline, trading at N1,255 per dollar compared to N1,250 per dollar on Monday.
This depreciation has resulted in the gap between the parallel market rate and the NAFEM rate widening to N45.15 per dollar, a considerable increase from the N15.51 per dollar difference observed the day before.
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