Tag
BLACK MARKET
News and analysis about black market
At the black market, the Naira depreciated against the dollar to close at N487/$1 on Wednesday.
At the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N460/$1 on Tuesday.
Even though there was a little appreciation in the NAFEX window, the Naira depreciated at the black market.
Forex traders are reportedly turning down offers to buy due to fear that the naira could strengthen again.
The Naira appreciated against the dollar to close at N465/$1 on Monday at the black market.
FX turnover is still a far cry from the over $200 million turnovers recorded in January.
The black market rate last touched this low in March 2017.
Forex shortages have persisted since the crash in oil prices coincided with the global lockdown.
The rise in demand and contrasting drop in supply has called for another round of devaluation...
Forex turnover dropped from $90.88 million on Wednesday, June 24, 2020, to $14.68 million on Thursday, June 25, 2020, representing a decline of 83.8%
Uncertainty of the market remains, particularly due to liquidity shortages across markets.
Forex turnover dropped from $66.61 million on Thursday to $38.12 million on Friday.