The Naira experienced depreciation in the Nigerian Foreign Exchange Market (NAFEM) on Tuesday, April 23, with the exchange rate reaching N1,300.15 per dollar. This rate exceeded the parallel market rate by N45.15.
Data from the Financial Markets Dealers Quotations (FMDQ) revealed that the indicative exchange rate for NAFEM rose from N1,234.49 per dollar the previous Friday to N1,300.15 per dollar on Tuesday. This indicates a depreciation of N65.66 for the Naira.
Similarly, in the parallel market, the Naira depreciated to N1,255 per dollar from N1,250 per dollar on Monday, April 22.
As a result, the margin between the parallel market and NAFEM rates increased to N45.15 per dollar from N15.51 per dollar the previous day.
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