Naira and greenback
The naira has continued its crash towards the greenback after exchanging at N472/$1 on Monday, July 20, 2020 on the parallel market.
Nonetheless, on the formally acknowledged NAFEX market, the foreign exchange turnover elevated by 4.5% whereas the trade remained steady closing at N388.50/$1.
In keeping with Nairametrics, on the black market the place foreign exchange is traded unofficially, the Naira depreciated by N2 to a greenback to shut at N472 to a greenback on Monday, in response to info from Aboki FX a outstanding FX monitoring web site. That is towards the N470 to a greenback that it exchanged on Friday final week. An Impartial test by Nairametrics analysis reveals that the trade price bought as excessive as N473/$1 in response to the FX tracker. Nairametrics collates parallel market trade charges way back to 2017.
The Naira remained steady towards the greenback at the Traders and Exporters (I&E) window on Monday, closing at N388.50/$1, this was the identical price that was reported on Friday, July 17. The opening indicative price was N388.40 to a greenback on Monday. This represents a 33 kobo drop in comparison to the N388.07 to a greenback that was recorded on Friday. The trade price disparity between the official NAFEX price and again market price widened on Monday and is now a whopping N84.