The value of the Naira witnessed a decline yesterday, falling to N1,250 per dollar in the unofficial market, compared to N1,140 per dollar recorded on Thursday. Similarly, the Naira experienced a depreciation in the Nigerian Foreign Exchange Market (NAFEM), settling at N1,234.49 per dollar.
According to data sourced from FMDQ, the indicative exchange rate for NAFEM climbed to N1,234.49 per dollar from the previous rate of N1,169.99 per dollar reported the previous Friday, marking a decrease of N64.5 for the Naira.
As a result, the gap between the exchange rates in the parallel market and NAFEM contracted to N15.51 per dollar, down from the previous margin of N29.99 per dollar observed over the past weekend.
