Naira expected to stabilize this week, exchange rate gains at black market

Nigeria’s foreign exchange market is expected to receive a boost with the approval of the $1.5billion loan request by the World Bank. 

 The Naira exchanged N477/$1 at the parallel market as at today, Monday, December 21, 2020.

See current rate below. Kindly share
Forex turnover dropped by 32.9%, as the Naira’s exchange rate at the NAFEX window remained stable against the dollar to close at N394/$1 during intra-day trading on Friday, December 18. 

 Also, the Naira appreciated marginally against the Dollar – closing at N477/$1 at the parallel market on Friday, December 18, 2020 – as the Naira is expected to stabilize this week after money transfer operators started to pay out dollars to beneficiaries of diaspora remittances due to CBN’s easing of restrictions, according to Reuters. 

 According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira appreciated against the Dollar to close at N477/$1 on Friday – a N1 gain when compared to the N478/$1 that it exchanged for on Thursday, December 17.

Post a comment