Naira experiences decline in value against Dollar in parallel market, dropping to N1260/$

On Wednesday, the naira dropped from Tuesday’s N1,220 per dollar to N1,260 per dollar on the parallel market.

The naira dropped to N904.65 per dollar on the official Nigerian Foreign Exchange Market (NAFEM).

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A N39.62 devaluation of the naira is implied by the indicative exchange rate for NAFEM, which rose to N904.65 per dollar from N865.03 per dollar on Tuesday, according to FMDQ data.

Because of this, yesterday’s gap between the official and parallel market currency rates increased to N355.35 per dollar from N354.97 per dollar the day prior.

From Tuesday’s $99.09 million to today’s $120.89 million, the dollar volume traded on NAFEM increased by 22%.