The Naira, yesterday, depreciated to N1,105 per dollar in the parallel market, from N1,100 per dollar on Tuesday.
Recall that it was earlier reported that the Naira declined to ₦1,100 per dollar in the parallel market on Tuesday, from ₦1,080 per dollar it traded the previous day.
Reports revealed that the Naira also depreciated in the Nigerian Foreign Exchange Market (NAFEM) to ₦1,148.14 per dollar.
However, despite depreciating to N1,105 on Wednesday, it appreciated in the Nigerian Foreign Exchange Market to N1,072.74 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,072.74 per dollar from N1,148.14 per dollar on Tuesday, indicating N75.4 appreciation for the naira.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N32.26 per dollar from N48.14 per dollar on Tuesday.
