Nigeria’s naira depreciated on Wednesday May 13, 2021 at the NAFEX window, which is regarded as the official window for trading of naira for dollars.
The naira dropped to N411.25/$1 on the NAFEX or Investors and Exporters (I&E) Window from N410.33/$1.
This represents about 0.14 per cent appreciation in the currency.
Naira traded at a peak of N420.23 at the Investors and Exporters window on Wednesday.
At the parallel market, the local currency remained unchanged at N483/$1 on Wednesday May 13, 2021, same rate it has maintained since extension of the ‘Naira 4 Dollar’ initiative of the CBN on May 8.
A Forex Trading Associate at AZA, a global forex dealer, Oghenefejiro Eduviere, said that under the incentive scheme, all recipients of diaspora remittances through approved International Money Transfer Operators (IMTOs) and commercial banks receive an additional N5 for every dollar.
“While the naira was stable in the parallel market at N483/$, we expect it to maintain these levels. We anticipate slight weakening towards N420/$ on the I&E window as the ‘Naira 4 Dollar’ scheme extension amounts to a limited technical devaluation,” he said.
