The naira’s value fell to N1,175 per dollar in the parallel market, down from N1,100 per dollar on the previous Wednesday.
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Nevertheless, the Nigerian naira strengthened in the Nigerian Foreign Exchange Market (NAFEM) on the previous day, reaching a rate of N782.68 per dollar. Information from FMDQ indicated that the indicative exchange rate in NAFEM declined from N790.68 per dollar on Tuesday, reflecting an N8 increase in the value of the naira. The trading volume of U.S. dollars in NAFEM also saw a 39 percent surge, rising from $69.88 million on Wednesday to $97.47 million.
Consequently, the difference between the official and parallel market exchange rates increased from N309.32 per dollar to N392.32 per dollar.