The yesterday Naira experienced a decline in the parallel market, dropping to N1,515 per dollar from N1,495 per dollar on Wednesday.
Similarly, the Naira depreciated to N1,485.66 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,485.66 per dollar from N1,462.59 per dollar on Wednesday, indicating a depreciation of N23.07 for the Naira.
The market witnessed an intraday high of N1,510 per dollar and an intraday low of N1,401 per dollar, resulting in a fluctuation of N109 per dollar.
The dollar turnover saw a significant rise, increasing by 35.7 percent to $167.55 million from $123.45 million on Wednesday.
As a result, the margin between the parallel market and NAFEM rates contracted to N29.34 per dollar from N33.59 per dollar on Wednesday.