The exchange rate in the parallel market now stands at Naira 1,300 per US dollar
Yesterday, the naira strengthened, reaching N1,300 per dollar in the parallel market, compared to the N1,305 per dollar rate on Wednesday.
Nevertheless, the naira experienced a decline in the Nigerian Foreign Exchange Market (NAFEM) on the previous day, falling to N837.49 per dollar.
According to data from FMDQ, the indicative exchange rate for the I&E window increased to N837.49 per dollar from N801.1 per dollar on Tuesday, marking a Naira depreciation of N36.39.
As a result, the disparity between the official and parallel market exchange rates reduced to N462.51 per dollar on the previous day, down from N496.9 per dollar on Wednesday.
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