The Naira appreciated in the parallel market yesterday, rising to N1,375 per dollar from N1,500 per dollar on Tuesday.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,339.33 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM increased to N1,329.65 per dollar from N1,173.88 per dollar on Tuesday, indicating a N155.77 depreciation for the Naira.
As a result, the margin between the parallel market and NAFEM rates narrowed to N45.35 per dollar from N326.12 per dollar on Tuesday.
