The Naira depreciated against the US dollar in both the Black Market and the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday. In the Black Market, the Naira fell to N1,540 per dollar from N1,530 per dollar the previous day.
Similarly, in NAFEM, the Naira depreciated to N1,533.99 per dollar, compared to N1,459.02 per dollar on Wednesday. This represents a significant depreciation of N74.97 for the Naira in the official exchange market.
The indicative exchange rate for NAFEM also increased to N1,533.99 per dollar from N1,459.02 per dollar on Wednesday. Consequently, the margin between the Black Market rate and the NAFEM rate narrowed considerably to N6.01 per dollar from N70.98 per dollar the previous day.
