NAFEX Exchange Rate Closes At N394.17/$1

Naira Remains Stable As Forex Reserves Rise

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.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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