Forex: Naira maintains stability across markets amid rise in external reserve 

Factual Pursuit of Truth for Progress


By Francis Ogwo

The Naira had on Friday maintained stability against the dollar at the Investors and Exporters (I&E) window closing at N394.67/$1.

This figure was same as recorded on January 14, 2021.

In the same vein, the exchange rate at the black market where forex traded unofficially was stable at N475/$1.

The exchange rate at the parallel market closed at N475/$1 on the previous trading day of January 14, 2021. This is as Nigeria’s external reserve continues to experience a steady rise.

The difference in exchange rate between the parallel market and the official market is about N80.33, representing a 16.9% devaluation differential.

At NAFEX, the Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N394.67/$1, the same rate with which it closed on the previous trading day.

The opening indicative rate was N393.12 to a dollar on Friday, representing a 44 kobo drop when compared to the N392.68 that was recorded on Thursday, January 14, 2021.

The N414.76/$1 was the highest rate during intra-day trading before it closed at N394.67 to a dollar. It also sold for as low as N389/$1 during intra-day trading.

Forex turnover at the Investor and Exporters (I&E) window declined by 81.3% on Friday, January 15, 2021.


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