On June 27, Wednesday, the Naira fell against the dollar on the parallel market, falling from Tuesday’s level of N1,500 to N1,510.
Similarly, the Naira depreciated to N1,507.83 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the Naira depreciated by N7.04 as the indicative exchange rate for NAFEM increased to N1,507.83 per dollar from N1,500.79 per dollar on Tuesday.
The amount of money exchanged in the market, or turnover, increased by 29% to $176.39 million from Tuesday’s $136.72 million in transactions. As a result, from Tuesday’s difference, the margin between the parallel market and NAFEM rates shrank to N2.17 per dollar.
