Nigeria’s naira to dollar exchange rate weakened at the parallel or black market on Friday, March 12, 2021, further widening the gap with the NAFEX market.
At the parallel market/black market, the naira to dollar exchange rate depreciated and closed at N485 to one dollar compared to N482 to one dollar rate on Thursday last week.
The closing rate indicated that naira depreciated in value by N3 as against N482 the previous day..
Naira traded for N412 at the Investors and Exporters window before closing at N410 on Friday.
This is a slight depreciation compared to a rate of N409 per dollar in the previous day.
This represents about 0.24 per cent depreciation of the currency.
The closing rate indicated that the exchange rate differential between NAFEX market and parallel market is N75.
A forex trader at AZA Finance, Oghenefejiro Eduviere, had predicted that naira will to slide further toward 500 this week, as market rates react negatively to the Naira 4 Dollar Scheme.
He said at the NAFEX front, the Naira could weaken towards 425 levels in a bid to converge towards the parallel market.
