The Naira saw a decline to N1,565 per dollar in the parallel market from its previous rate of N1,532 per dollar on Wednesday. However, it rebounded yesterday, appreciating to N1,565 per dollar in the Nigerian Foreign Exchange Market (NAFEM).
Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,499.07 per dollar from its previous mark of N1,534.39 per dollar on Monday, signifying a N35.32 appreciation for the Naira.
Consequently, the margin between the official and parallel market exchange rates shrank to N10.93 per dollar yesterday from its previous stance of N49.39 per dollar on Monday.
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