The Naira experienced a decline yesterday, falling to N1,620 per dollar in the parallel market, down from N1,615 per dollar on Tuesday.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also depreciated to N1,606.56 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,606.59 per dollar, up from N1,594.27 per dollar on Tuesday, reflecting a depreciation of N12.32 for the Naira.

Additionally, the turnover of dollars traded in NAFEM rose by 2.5 percent, reaching $160.94 million compared to $156.94 million on Tuesday.

As a result, the gap between the parallel market and NAFEM rates decreased to N13.41 per dollar from N20.73 per dollar on Tuesday.