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Naira Depreciates Against Dollar For 3rd Consecutive Day...See Latest Exchange Rate

Posted by Thandiubani on Mon 20th Jul, 2020 - tori.ng

The naira has continued to depreciate against the dollar and other currencies at the exchange rate market.

Naira and dollar

Nigeria's naira continued on a low path against the dollar on Friday as it exchanged N470/$1 on Friday.

However, on the officially recognized NAFEX market, the forex turnover dropped by 63.7% while the exchange rate depreciated for a third consecutive trading day closing at N388.50/$1.

According to Nairametric, at the black market where forex is traded unofficially, the Naira remained stable again closing at N470 to a dollar on Friday, according to information from Aboki FX a prominent FX tracking website. An Independent check by Nairametrics research also indicates a stable parallel market rate of N470/$1.

The Naira depreciated marginally against the dollar at the Investors and Exporters (I&E) window on Friday by 50 kobo, closing at N388.50/$1, compared with the N388 that was reported on Thursday, July 16. The opening indicative rate was N388.07 to a dollar on Friday. This represents an 11 kobo drop when compared to the N387.96 to a dollar that was recorded on Thursday.