In the parallel market, the value of the Naira fell yesterday from Tuesday’s N1,320 to N1,365 per dollar.
On the Nigerian Foreign Exchange Market, or NAFEM, the value of the Naira also decreased, reaching N1,402.67 per dollar.
The indicative exchange rate for NAFEM increased to N1,402.67 per dollar from N1,390.96 per dollar on Tuesday, according to data from FMDQ, suggesting a N11.71 devaluation of the naira.
As a result, the difference in rates between the parallel market and NAFEM fell to N37.67 per dollar from N70.96 on Tuesday.