The Naira yesterday, appreciated in the parallel market, rising to N1,375 per dollar from N1,500 per dollar on Tuesday.However, the Naira depreciated to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,329.65 per dollar from N1,173.88 per dollar on Tuesday, reflecting a N155.77 depreciation for the Naira.
As a result, the margin between the parallel market and NAFEM rates narrowed to N45.35 per dollar from N326.12 per dollar on Tuesday.