Yesterday, the naira experienced a decline to N1,350 per dollar in the parallel market, down from N1,295 per dollar on Tuesday. Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N931.23 per dollar.

According to data from FMDQ, the indicative exchange rate for the NAFEM rose to N931.23 per dollar from N878.57 per dollar on Tuesday, signifying a N52.66 depreciation for the naira. Consequently, the gap between the official and parallel market exchange rates widened to N418.77 per dollar yesterday from N416.43 on Tuesday.

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