Yesterday, the Nigerian Foreign Exchange Market (NAFEM) witnessed a downturn as the Naira plunged to N1,300.15 per dollar, surpassing the parallel market rate by N45.15.
According to data from FMDQ, the indicative exchange rate for NAFEM surged to N1,300.15 per dollar from N1,234.49 per dollar recorded last week Friday, marking a significant depreciation of N65.66 for the naira.
Simultaneously, the Naira slipped to N1,255 per dollar in the parallel market, down from N1,250 per dollar on Monday.
As a result, the gap between the parallel market and NAFEM rates widened to N45.15 per dollar, highlighting increasing pressure on the official exchange rate compared to informal channels.
