In the parallel market, the value of the Naira increased from N1,565 to N1,550 per dollar on Tuesday to N1,550 yesterday.  However, on the Nigerian Foreign Exchange Market (NFEM), the value of the naira dropped to N1,537.2 per dollar.  

Data issued by the Central Bank of Nigeria, CBN, revealed that the exchange rate for the naira jumped to N1,537.2 per dollar from N1,533.5 per dollar on Monday, representing N3.7 depreciation for the currency.  

As a result, the difference between the NFEM rate and the parallel market dropped from N31.5 to N12.8 per dollar on Tuesday.

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