Tag
NAFEX
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.
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.
The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Thursday.
Forex turnover rose by 44.9% while the exchange rate depreciated closing at N386.50/$1.
The forex turnover dropped by 64.4% while the exchange rate remained stable at N386/$1.
Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Monday.
The drop is due to pressure on the black market as a result of a scarcity of dollars.
The opening indicative rate was N387.32 to a dollar on Wednesday.
The CBN still continues to warn against currency speculators who patronize the black market.
Between 2012 and 2017 the naira has depreciated by 30% compounded annually.