Naira strengthens at NAFEX window despite 61% drop in dollar supply
The exchange rate between the naira and the dollar appreciated marginally closing at N393.35/$1.
The exchange rate between the naira and the dollar appreciated marginally closing at N393.35/$1.
The US dollar stands at ₦470/US$1 in the parallel market
The exchange rate appreciated on Monday as external reserves cross $36.3 billion
Pressure on FX will continue in 2021 as a result of thin reserve buffers and recovering domestic demands.
The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N394.67/$1.
The Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday.
Nigeria's external reserves rose to the highest level since July 2020
The exchange rate at the parallel market suffered its second depreciation of the year.
At the black market where forex traded unofficially, the exchange rate depreciated to close at N472/$1.
At the black market where forex traded unofficially, the exchange rate continued to remain stable at N470/$1 on Thursday.
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