On Tuesday, the Naira appreciated to N1,475
per dollar in the parallel market, an improvement from Monday's rate of N1,480
per dollar. However, the Naira experienced a slight depreciation in the
Nigerian Autonomous Foreign Exchange Market (NAFEM), where it slipped to
N1,476.95 per dollar from the previous day's N1,476.12 per dollar, marking an
83 kobo decline.
Data from FMDQ indicated that the
indicative exchange rate for NAFEM rose marginally to N1,476.95 per dollar.
This depreciation contrasts with the increased dollar turnover in the market,
which surged by 94.5% to $236.99 million from Monday's $121.87 million.
As a result, the exchange rate gap between the parallel market and NAFEM has narrowed significantly, now standing at N1.95 per dollar compared to N3.88 per dollar on Monday.
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