In the parallel market, the value of the Naira fell yesterday, from Tuesday’s N1,470 per dollar to N1,495 per dollar.
However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,462.59 per US dollar.
The indicated exchange rate for NAFEM dropped to N1,462.59 per dollar from N1,465.68 per dollar on Tuesday, according to data from FMDQ, indicating a N3.09 appreciation for the naira.
As a result, the difference in value between the NAFEM rates and the parallel market increased to N33.59 per dollar from N4.32 on Tuesday.