By ADEBAYO OBAJEMU

The exchange rate at the parallel market was stable for the second consecutive day as it closed at N472/$1 on Wednesday, July 22, 2020.

Meanwhile, at the officially recognized NAFEX market, the forex turnover dipped by 59.1% while the exchange rate also remained stable closing at N388.17/$1.

At the parallel market where forex is traded unofficially, the Naira was also stable closing at N472 to a dollar on Wednesday.

Note that Naira also maintained its stability against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N388.17/$1, this the same rate that was reported on Tuesday, July 21.  The opening indicative rate was N388.65 to a dollar on Wednesday.

This translates to a 15 kobo drop when compared to the N388.50 to a dollar that was recorded on Tuesday.