Naira Depreciates Against Dollar For 3rd Consecutive Day (See Latest Exchange Rate) - 9JA HOT '1'
Naira Depreciates Against Dollar For 3rd Consecutive Day (See Latest Exchange Rate) - 9JA HOT '1'

Naira Depreciates Against Dollar For 3rd Consecutive Day (See Latest Exchange Rate)

The naira has continued to depreciate against the dollar and other currencies at the exchange rate market.

Nigeria’s naira continued on a low path against the dollar on Friday as it exchanged N470/$1 on Friday.

However, on the officially recognized NAFEX market, the forex turnover dropped by 63.7% while the exchange rate depreciated for a third consecutive trading day closing at N388.50/$1.

According to Nairametric, at the black market where forex is traded unofficially, the Naira remained stable again closing at N470 to a dollar on Friday, according to information from Aboki FX a prominent FX tracking website.

An Independent check by Nairametrics research also indicates a stable parallel market rate of N470/$1.

The Naira depreciated marginally against the dollar at the Investors and Exporters (I&E) window on Friday by 50 kobo, closing at N388.50/$1, compared with the N388 that was reported on Thursday, July 16.

The opening indicative rate was N388.07 to a dollar on Friday. This represents an 11 kobo drop when compared to the N387.96 to a dollar that was recorded on Thursday.

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