Naira Falls Across forex Markets, Also Depreciating Against Dollar At The Parallel Market

On January 22, 2021, the exchange rate between the naira and the dollar depreciated closing at N394.17/$1 at the NAFEX (I&E Window) where forex is traded officially. 

 Forex turnover, however, dropped by about 42.2% as pressure on the foreign exchange market continues. 

 The Central Bank of Nigeria (CBN) in a new circular, read the riot act to the International Money Transfer Operators (IMTOs) as they have threatened to sanction some of them who still facilitate diaspora remittances in naira, contrary to its earlier directive that it must be in foreign currency. 

 Also, the exchange rate at the black market where forex traded unofficially depreciated at N477/$1. 

The exchange rate at the parallel market closed at N475/$1 on the previous trading day of January 21, 2021, representing a N2 drop. 

 The exchange rate disparity between the parallel market and the official market is about N82.83, representing a 17.36% devaluation differential. 

 The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N394.17/$1. 

This represents a 17 kobo drop when compared to the N394/$1 that it closed on the previous trading day.

The exchange rate between the naira and the US dollar for today (Monday, January 25th 2021),is ₦477/US$1 in the parallel market. 

Click the link below to see the current rate. Kindly share

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