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.
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.
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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