Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window, also known as, Nigeria Autonomous Foreign Exchange, NAFEX, dropped to N366.5 per dollar at the close of business yesterday from N367.5 per dollar on Wednesday. This translated to appreciation of N1 for the naira as well as N1.67 appreciation in two consecutive days.
The naira however depreciated by N1 at the parallel market yesterday as the exchange rate for the market rose to N367 per dollar at the close of business to N366 per dollar on Wednesday.
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