The Naira yesterday experienced a depreciation in the Nigerian Foreign Exchange Market (NAFEM), reaching N1,300.15 per dollar, surpassing the parallel market rate by N45.15.
Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM climbed to N1,300.15 per dollar from N1,234.49 per dollar recorded the previous Friday, marking a depreciation of N65.66 for the Naira.
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Likewise, in the parallel market, the Naira depreciated to N1,255 per dollar from N1,250 per dollar observed on Monday.
As a result, the margin between the parallel market and NAFEM rates expanded to N45.15 per dollar from N15.51 per dollar recorded the day before.