In News by Oluwaseun Samuel on the 20th, July, 2020

Naira Depreciates In opposition to Greenback For third Consecutive Day…See Newest Trade Price

Naira Depreciates Against Dollar For 3rd Consecutive Day...See Latest Exchange Rate

Naira and dollar

Naira and greenback


Nigeria’s naira continued on a low path towards the greenback on Friday because it exchanged N470/$1 on Friday.


Nevertheless, on the formally acknowledged NAFEX market, the foreign exchange turnover dropped by 63.7% whereas the trade charge depreciated for a 3rd consecutive buying and selling day closing at N388.50/$1. 


In accordance with Nairametric, on the black market the place foreign exchange is traded unofficially, the Naira remained steady once more closing at N470 to a greenback on Friday, in keeping with data from Aboki FX a distinguished FX monitoring web site. An Impartial test by Nairametrics analysis additionally signifies a steady parallel market charge of N470/$1.


The Naira depreciated marginally towards the greenback at the Traders and Exporters (I&E) window on Friday by 50 kobo, closing at N388.50/$1, in contrast with the N388 that was reported on Thursday, July 16. The opening indicative charge was N388.07 to a greenback on Friday. This represents an 11 kobo drop in comparison to the N387.96 to a greenback that was recorded on Thursday.


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