In the parallel market yesterday, the value of the Naira fell from Tuesday’s N1,255 per dollar to N1,305 per dollar. In a similar vein, the value of the Naira dropped to N1,308.52 per dollar on the Nigerian Foreign Exchange Market (NAFEM). The indicative exchange rate for NAFEM increased to N1,308.52 per dollar from N1,300.15 per dollar on Tuesday, according to data from FMDQ, suggesting a N8.37 devaluation of the naira. As a result, the difference in rates between the parallel market and NAFEM fell to N3.52 per dollar from N45.15 per dollar the day before.
