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NAFEX Update: Naira Weakens At Parallel Market

Naira Falls To N435/$1 At I&E Window As CBN Adjusts Forex Rate

At the parallel market/black market, the naira to dollar exchange rate weakened on Tuesday November 25, 2021, to N480 to one dollar from N477/ dollar the previous day.

This is an indication that naira depreciated in value by N3 as CBN intensifies its forex repatriation policy.

The exchange rate at the Nigerian Autonomous Foreign Exchange (NAFEX) window however appreciated slightly to N394 to one dollar on Tuesday as against N394.30 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 30 kobo.

The exchange rate disparity between the parallel market and the official market is about N86, representing a 18 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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