The indicative exchange rate for NAFEM dropped from N1,512.61 per dollar on Wednesday to N1,520.24 per dollar, according to data from FMDQ, suggesting a N7.63 devaluation of the naira.

The market’s dollar volume traded, or turnover, increased by 51% to $173.51 million from $114.91 million on Wednesday.

As a result, the difference in value between the NAFEM rates and the parallel market increased to N14.76 per dollar on Wednesday from N7.39 per dollar on Wednesday.