In the parallel market, the value of the Naira fell yesterday, from Tuesday’s N1,485 per dollar to N1,500 per dollar.
In a similar vein, the value of the Naira declined on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, to N1,476.24 per dollar.
The indicative exchange rate for NAFEM increased to N1,476.24 per dollar from N1,473.66 per dollar on Tuesday, according to data from FMDQ, suggesting a N2.58 devaluation of the naira.
From Tuesday’s $385.91 million to today’s $92.68 million, the amount of dollars transacted on the window decreased by 76%.
As a result, the difference in rates between the NAFEM and parallel market grew from N11.34 to N23.76 per dollar on Tuesday.