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EXCHANGE RATE
The exchange rate at the parallel market was unchanged for the third consecutive day.
At the black market where forex is traded unofficially, the Naira remained stable closing at N472.
The exchange rate disparity between NAFEX rate and back market rate widened by a whopping N84.
The exchange rate disparity between the official and back market rate widened on Monday.
Forex turnover at the FMDQOTC has averaged $47 million dollars over the last 32 days.
Forex turnover dropped by 63.7% while the exchange rate depreciated for a third consecutive trading day.
Forex turnover rose by 44.9% while the exchange rate depreciated closing at N386.50/$1.
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.
There has been growing pressure for the CBN to unify the exchange rate markets.
A cursory look at data from FMDQ shows that the turnover for the day witnessed significant drop.
Oil prices continued dropping as investors and traders weighed on oversupply prospects, dollar strengthening, and refining margins