Business

Naira weakens further to N477/$ at parallel forex market

Published

5 years ago

August 19, 2020

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

The shortage of dollar in Nigeria deepened, causing the Naira to depreciate further to N477/$ at the parallel foreign exchange market on Wednesday from N475 the previous day

The country’s external reserve has declined 0.45 per cent to $35.60 billion as of Tuesday in the one month, making it difficult for investors to get dollars.

Meanwhile, at the Investors and Exporters (I&E) FX window opened at N386.34, traded high at N387.34, and eventually closed at N386.00, representing a 0.01 per cent depreciation against the previous day’s closing position.

A total of $18.44 million was transacted through the I&E window.

The Naira at the official window today (Wednesday) closed at 381.00/$1, unchanged against the previous day’s position.