Things are not really 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/$1, according to Nairametrics report.
At the black market where forex is traded unofficially, the Naira depreciated by N5 to a dollar to close at N470 to a dollar on Wednesday, according to information from Aboki FX a prominent FX tracking website.
This is against the N465 that it exchanged on Tuesday. However, during intraday trading, Nairametrics research observed the dollar sold for as high as N470/$ 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.