Naira crashes further against dollar.


The dollars changed for the naira as high as N389.25 during intraday trading as it gained slightly at the I&E window as dollar shortages persist. This is according to information on the website of the FMDQOTC.

The week closed with a $38.86 million forex turnover, a marked improvement from an average of $27 million per day recorded last week.

In contrast, the exchange rate at the parallel market fell to a new low after remaining unchanged for four consecutive days as it closed at N475/$1 on Monday, July 27, 2020.

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At the black market where forex is traded unofficially, the Naira depreciated by N3 to a dollar to crash to a new low of N475/$1 on Monday, according to information from Abokifx, a prominent FX tracking website. This is against the N472 to a dollar that is exchanged on Friday last week.

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However, some traders contacted by Nairametrics research quoted a price of N473/$1. It is not uncommon to see prices closely different within the market.

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