The Nigerian Naira experienced a decline in value yesterday, depreciating to N1,415 per dollar in the parallel market compared to N1,410 per dollar on Monday. In a similar trend, the Naira also depreciated in the Nigerian Foreign Exchange Market (NAFEM), where it fell to N1,416.57 per dollar from N1,354.21 per dollar at the start of the week.
According to data from FMDQ, this drop represents a significant depreciation of N62.36 for the Naira. This narrowing of the gap between the parallel market and NAFEM rates, which stood at just N1.57 per dollar compared to N55.79 per dollar on Monday, suggests a convergence of the exchange rates in these two markets.