BY EMEKA EJERE
Following the escalation of the #End SARS protest, exchange rate at the Nigerian autonomous foreign exchange (NAFEX) window depreciated against the dollar to close at N386/$1 during intraday trading on Monday, October 19.
This represents a 17 kobo drop when compared with the N385.83/$1 that it exchanged for on Friday, October 16.
The opening indicative rate was N386 to a dollar on Monday. This represents a 38 kobo gain when compared to the N386.38 that was recorded on Friday.
The N392.30 to a dollar is the highest rate during intraday trading before closing at N386. It also sold for as low as N380/$1 during intraday trading.
However, the local currency remained stable against the dollar, closing at N462/$1 at the parallel market on Monday, October 19, 2020.
The protest against the (now disbanded) special anti-robbery unit (SARS) and police brutality by the Nigerian youth, which started about 13 days ago, has escalates with its impact on business activities across the country.
According to information from Abokifx, a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N462/$1 on Monday. This was the same rate that it exchanged for on Friday, October 16.