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Naira Weakens At Black Market

NAFEX Update: Naira Depreciates Further

Nigeria’s naira to dollar exchange rate weakened at the parallel or black market on Monday, February 22, 2021.

At the parallel market/black market, the naira to dollar exchange rate depreciated and closed at N480 to one dollar compared to N478/$ on Friday, February 19, 2021.

The closing rate indicated that naira depreciated in value by N2.

Naira traded for as high as N412 at the Investors and Exporters window as the demand for the greenback continue to rise by both legitimate importers and foreign investors that wanted to repatriate their earnings.

The exchange rate at the I & E window closed at N410 to one dollar on Monday, the same rate as Friday.

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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