Naira and Dollar

Adebayo Obajemu

The Exchange rate at the parallel market has remained stable ending at N472/$1 on Tuesday, July 21, 2020.

At the officially recognized NAFEX market, the story was different as the forex turnover was down by 23.1% while the exchange rate recorded a gain closing at N388.17/$1.

At the black market where forex is traded unofficially, the Naira maintained it’s stability closing at N472 to a dollar on Tuesday.

The market also caters to forex trades through wire transfers especially for buyers who cannot meet their dollar demands at the I&E window or the SMIS window. Exchange rate for wired transfer is often at a premium to the black market rate.

The Naira dropped  against the dollar at the Investors and Exporters (I&E) window on Tuesday, closing at N388.17/$1, this represents a 33 kobo gain when compared to the N388.50/$1 that was reported on Monday, July 20.  The opening indicative rate was N388.50 to a dollar on Tuesday. This represents a 10 kobo drop when compared to the N388.40 to a dollar that was recorded on Friday.