Yesterday saw a Naira depreciation of N1,300.15 per dollar on the Nigerian Foreign Exchange Market (NAFEM), which is N45.15 more than the parallel market rate. According to FMDQ data, the indicative exchange rate for NAFEM increased from N1,234.49 per dollar last Friday to N1,300.15 per dollar this morning, implying an N65.66 devaluation of the naira. In a same vein, on Monday, the value of the Naira fell to N1,1250 per dollar on the parallel market, down to N1,255 today. As a result, the differential between NAFEM rates and the parallel market increased to N45.15 per dollar from N15.51 per dollar the day before.
