Yesterday, the value of the naira experienced a decline in the parallel market, dropping to N1,405 per dollar from N1,375 per dollar on Wednesday. Additionally, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N900.96 per dollar. Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N900.96 per dollar from N882.24 per dollar on Wednesday, signifying an N18.76 depreciation for the naira.

As a result of these changes, the gap between the official and parallel market exchange rates widened to N504.04 per dollar yesterday from N492.76 per dollar on Wednesday. This indicates a growing disparity between the two markets in terms of the value of the naira against the dollar.

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