The Naira faced a significant decline, reaching N1,405 per dollar in the parallel market, compared to N1,305 per dollar just a day earlier.
In the Nigerian Foreign Exchange Market (NAFEM), the Naira also depreciated, settling at N1,309.88 per dollar.
Data from FMDQ revealed a noticeable uptick in the indicative exchange rate for NAFEM, rising from N1,308.52 to N1,309.88 per dollar, marking a depreciation of N1.36 for the Naira.
As a result, the gap between the parallel market and NAFEM rates widened, reaching N95.12 per dollar, a substantial increase from the previous day’s margin of N45.15 per dollar.
