Nigeria’s naira to dollar exchange rate weakened at the parallel or black market on Monday, March 8, 2021.
At the parallel market/black market, the naira to dollar exchange rate depreciated and closed at N482 to one dollar compared to N480 to one dollar rate it had maintained since last week.
The closing rate indicated that naira depreciated in value by N2.
Naira traded for as high as N412 at the Investors and Exporters window as the demand for the greenback continue to rise by both legitimate importers and foreign investors that wanted to repatriate their earnings.
The exchange rate at the I & E window closed at N411.88 to one dollar on Monday, the same rate as Friday.
This is a slight depreciation as against as against N411 in the previous day.
This represents about 0.21 per cent depreciation of the currency.
The closing rate indicated that the exchange rate differential between NAFEX market and parallel market is N70.12.
