At the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) the exchange rate depreciated and closed at N394.17 to one dollar on Wednesday, January 20, 2021.
NAFEX, also known as Importers and Exporters window, is where forex is traded officially.
The closing rate indicated that naira depreciated in value by 82 kobo compared with the previous day November 19, when it’s exchanged for N393.35/$1.
At the parallel market/black market, the naira to dollar exchange rate remained stable at N475 at one dollar.
The exchange rate disparity between the parallel market and the official market is about N80.83, representing a 17 percent devaluation differential.