In the parallel market yesterday, the value of the Naira increased from N1,105 per dollar on Wednesday to N1,060 per dollar. On the Nigerian Foreign Exchange Market, or NAFEM, the Naira lost value and now stands at N1,154.08 per dollar.
The indicative exchange rate for NAFEM increased to N1,154.08 per dollar from N1,072.74 per dollar on Wednesday, according to data from FMDQ, suggesting a N81.34 devaluation of the naira.
As a result, on Wednesday, the difference between the NAFEM rates and the parallel market grew to N94.08 per dollar from N32.26 per dollar.