Naira falls across forex markets as Nigeria’s external reserve loses $838 million in 6 weeks

According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N476/$1 on Wednesday.


This represents a N1 drop when compared to the N475/$1 that it exchanged for on Tuesday, December 15. 

 Forex turnover rose by 78.7%, as the Naira’s exchange rate at the NAFEX window depreciated against the dollar to close at N394.67/$1 during intra-day trading on Wednesday, December 16. 

 Also, the Naira depreciated marginally against the dollar, closing at N476/$1 at the parallel market on Wednesday, December 16, 2020, as Nigeria’s external reserve falls to $34.851 billion as at December 14, 2020, losing $838 million in about 6 weeks.

The Naira exchanged N476/$1 at the parallel market as at today, Thursday, December 17, 2020.

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