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Naira Gains Strength On Thursday At NAFEX Window Despite 38% Drop In Dollar Supply

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On January 7, 2020, the exchange rate between the naira and dollar closed at N393.67/$1, the fourth trading day of 2021 at the Investors and Exporters’ (NAFEX) window where forex is traded officially.

This is an appreciation from the N394.50 recorded on the previous trading day, January 6, 2021.

Nairametrics understands that the drop in dollar supply could not prevent price decline on Thursday after the fall recorded in the last 2 trading days.

We also reported last week that the latest round of adjustment at the I&E window is temporary as the rates could fall back below N400/$1.

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However, at the black market where forex traded unofficially, the exchange rate continued to remain stable at N470/$1 on Thursday, January 7, 2021. The exchange rate at the parallel market closed at N470/$1 on the previous trading day January 6, 2021. It has been trading at N470/$1 since the 29th of December 2020.

The exchange rate disparity between the parallel market and the official market widened again to N76.33, representing a 16% devaluation differential.

NAFEX

The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N393.67/$1 as against N394.50 reported on January 6, 2021.

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The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.

Hammed Tajudeen is the editor in-chief of Blaze News, holds Higher National Diploma(HND) in Mass Communication, graduated from Osun State Polytechnic, Iree.

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