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Naira gains at the NAFEX window as market liquidity surges



Customs increases FX rate for collection of duties from N770/$ to N783/$

Adebayo Obajemu

There was stability at the parallel market Monday as the exchange rate remained stable closing at N460/$1.  However, on the officially recognized NAFEX Market, the forex turnover rose by 44.4% while the exchange rate strengthened to N386/$1.

At the black market where forex is traded unofficially, the Naira remained stable as it closed at N465 to a dollar on Monday, according to information from Aboki FX a prominent FX tracking website. This was the same rate that it exchanged on Friday. However, during intraday trading, it was observed the dollar sold for as high as N467/$ and as low as N462/$1.

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NAFEX:  The Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N386/$1, compared to the N387 that was reported on Friday, July 10, representing a N1 gain. The opening indicative rate was N387.46 to a dollar on Monday.

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