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BANKING & FINANCECOVERNEWSLETTER

Naira Gains At Black Market

abokiFX Halts Naira Exchange Rate Publication After Arrest Threat By FG

Nigeria’s naira to dollar exchange rate gained considerably at the black or parallel market on Monday April 12, 2021.

Nigeria’s currency closed at N482/$1, representing a N3 or 0.62 percent gain when compared with the N485/$1 that was recorded in the previous trading day and all through last week.

However, naira depreciated against the greenbacks at the NAFEX or Investors and Exporters window on Monday.

Checks showed that Nigeria’s local currency closed at N409.75/$1 at the Investors and Exporters window after reaching a peak of N420 to one dollar on Monday.

This represents 0.18 percent depreciation when compared with N490 to one dollar on Friday, April 9, 2021.

The forex turnover crashed by 17.86 per cent, with $45.35 million recorded as against the $55.21 million posted on Friday last week.

The difference between the black market rate and the I&E window exchange rate is N72.25.

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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