In News by Oluwaseun Samuel on the 13th, July, 2020

Naira Depreciates In opposition to Greenback, Information Three-year Low At Black Market…See Newest Alternate Fee

Naira Depreciates Against Dollar, Records 3-year Low At Black Market...See Latest Exchange Rate

Naira and Dollar

Naira and greenback

 

Naira exchanged at N465 to $1 on the parallel market on Friday because it fell to a different new Three-year low. 

 

This comes because the formally acknowledged NAFEX Market, the Foreign exchange turnover was considerably steady with solely a slight drop of zero.08% on Friday as the change fee was weakened to N387/$1.    

 

Based on Nairametrics, on the black market the place foreign exchange is traded unofficially, the Naira depreciated by N2 to a greenback to  shut at N465 to a greenback on Friday, as in opposition to the N463 to a greenback on Thursday, one other new Three-year low for the Naira.

 

The change fee firstly of the week was N461 to a greenback. The drop is because of strain on the black market on account of shortage of , particularly on the official. This has made most companies to supply for his or her international change on the black market. 

 

READ ALSO:  Naira Crashes Closely Towards Greenback...See Newest Trade Fee

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