The value of the naira dropped from N1,485 per dollar on Monday to N1,510 per dollar in the parallel market yesterday.
On the Nigerian Foreign Exchange Market, (NAFEM), the naira did, however, appreciate to N1499.07 per dollar yesterday.
The indicated exchange rate for NAFEM dropped to N1,499.07 per dollar from N1,534.39 per dollar on Monday, according to data from FMDQ, indicating a N35.32 appreciation for the naira.
As a result, yesterday’s difference in the official and black market currency rates between N49.39 and N10.93 per dollar was less than it was on Monday. [CONTINUE READING HERE]
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