The Naira on Tuesday plunged to N1,656.49 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
This, however, contrasts with the figure last weekend when the naira appreciated against the dollar by N1,640/$ from N1,660/per dollar.
According to data from the Financial Market Infrastructure Group Warehousing, FMDQ, the exchange rate for NAFEM rose to N1,656.49 per dollar from N1,546.51 per dollar last week Friday, indicating N109.98 depreciation for the naira, thus narrowing the margin between the parallel market and NAFEM to N16.49/$ from N113.59.