Naira falls as dollar sales top $100m a day at I&E window

Adebayo Obajemu

The exchange rate  at the parallel market was very stable closing at N470/$1 on Thursday. Meanwhile, at the NAFEX market,  the forex  turnover jumped significantly by about 446% while the exchange rate fell further closing at N388/$1.

At the black market where forex is traded unofficially, the Naira remained stable closing at N470 to a dollar on Thursday, according to information from Aboki FX a prominent FX tracking website.

NAFEX:  The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Thursday by N1.50, closing at N388/$1, compared with the N386.50 that was reported on Wednesday, July 15. The opening indicative rate was N387.96 to a dollar on Thursday. This represents a 21 kobo drop when compared to the N387.75 to a dollar that was recorded on Tuesday.