On Tuesday, April 23, the value of the Naira fall on the Nigerian Foreign Exchange Market (NAFEM) to N1,300.15 per dollar, surpassing the rate on the parallel market by N45.15.
The indicative exchange rate for NAFEM increased to N1,300.15 per dollar from N1,234.49 per dollar last Friday, according to data from FMDQ, suggesting an N65.66 devaluation of the naira.
In a same vein, on Monday, April 22, the value of the Naira dropped to N1,255 per dollar on the parallel market from N1,1250.
As a result, the difference in rates between the parallel market and NAFEM rose to N45.15 per dollar from N15.51 per dollar the day before.
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