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On Friday, January 19, the Naira experienced a decline, selling at N1,370 per dollar in the parallel market compared to N1,300 per dollar on Thursday, January 18.
Simultaneously, in the Nigerian Foreign Exchange Market (NAFEM), the Naira depreciated to N902.45 per dollar. FMDQ data revealed that the indicative exchange rate for NAFEM increased to N902.45 per dollar from N902.08 per dollar on Thursday, signaling a 37 kobo depreciation for the Naira.
The turnover of dollars on the NAFEM window witnessed a 17% decrease, falling to $145.89 million from $176.53 million on Thursday.
Consequently, this led to a widening gap between the official and parallel market exchange rates, reaching N467.55 per dollar on Friday, up from N397.92 on Thursday.
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