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BANKING & FINANCECOVER

NAFEX Update: Naira Strengthens At Black Market

Naira Falls To New Low At N550/$

The naira to dollar exchange rate strengthened on Wednesday, November 27, 2021, as it sold for N478 to one dollar at the parallel market/black market.

This is an indication that naira appreciated in value by N2 when compared with its value of N480/ dollar the previous day.

The exchange rate at the Nigerian Autonomous Foreign Exchange (NAFEX) window however depreciated slightly to N394.25 to one dollar on Wednesday as against N394 the previous day.

NAFEX, also known as Importers and Exporters window, is where forex is traded officially.

The closing rate indicated that naira appreciated in value by 25 kobo.

The exchange rate disparity between the parallel market and the official market is about N83.75, representing a 17.52 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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