The value of the naira has continued to depreciate against the United States dollar for three straight days.
On Tuesday, the naira decreased in value in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar exceeding the parallel market rate by N45.15.
Recall that the naira as at Friday last week exchanged at N1,234.49 to a dollar according to data from FMDQ
This showed that the exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira.
Also, the Naira declined to N1,255 per dollar in the parallel market, from N1,1250 per dollar on Monday, thus widening the margin between the parallel market and NAFEM rates to N45.15/$ from N15.51/$ the previous day.