The exchange rate at the Nigerian Autonomous Foreign Exchange (NAFEX) window has depreciated for three straight days since Monday.
At the Investors and Exporters window on Wednesday, February 3, 2021, the foreign exchange closed at N395.50 to one dollar as against N395.0 the previous day.
NAFEX, also known as Investors and Exporters window, is where forex is traded officially.
The closing rate indicated that naira depreciated in value by 50 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 N84.5, representing a 17.6 percent devaluation differential.
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