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Tuesday, October 22
According to data from FMDQ, the indicative exchange rate for NAFEM decreased to ₦1,603.16 per dollar, down from ₦1,600.78 per dollar the previous Friday, reflecting a depreciation of ₦2.38 for the Naira.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to ₦111.84 per dollar, down from ₦124.22 per dollar the previous Friday.
Naija Newsunderstands that the volume of dollars traded increased by 2.4 percent in the official market, reaching $359.22 million compared to $350.72 million traded the prior weekend.
“By the time you are exporting out to other countries with the cost of import here and the relatively low naira, you will have a situation where you have to do things like that.
Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to ₦1,603.16 per dollar..
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