The exchange rate at the Nigerian Autonomous Foreign Exchange (NAFEX) window depreciated at the Importers and Exporters window on Monday, February 1, 2021.
The foreign exchange closed at N394.00 to one dollar as against N393.13 to one dollar when the FMDQ opened trading.
NAFEX, also known as Importers and Exporters window, is where forex is traded officially.
The closing rate indicated that naira depreciated in value by 87 kobo.
At the parallel market/black market, the naira to dollar exchange rate remained steady at N480 to one dollar after attaining the new peak on Friday last week.
The exchange rate disparity between the parallel market and the official market is about N86, representing a 17.9 percent devaluation differential.
