UPDATE! See Latest Exchange Rate As Naira Crashes Heavily Against Dollar
Things are not looking good for the naira against the dollar at the exchange rate market.
Naira and dollar
Naira crashed to a new 3-year low against the dollar, closing at N470/$1 on Wednesday, July 15, 2020.
However, on the officially recognized NAFEX market, the forex turnover rose by 44.9 while the exchange rate depreciated closing at N386.50/$1, according to the Nairametrics report.
At the black market where forex is traded unofficially, the Naira depreciated by N5 to a dollar to close at N470 to a dollar on Wednesday, according to information from Aboki FX a prominent FX tracking website. This is against the N465 that is exchanged on Tuesday. However, during intraday trading, Nairametrics research observed the dollar sold for as high as N470/$ and as low as N465/$1. Nairametrics FX tracker also reported a parallel market FX rate of N470/$1.
The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N386.50/$1, compared with the N386 that was reported on Tuesday, July 14. The opening indicative rate was N387.75 to a dollar on Wednesday. This represents a 17 kobo gain when compared to the N387.92 to a dollar that was recorded on Tuesday.
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