28 C
Saturday, September 26, 2020
Subscribe to News360 Info by Email
Home Capital Market Naira Crashes Heavily Against Dollar

Naira Crashes Heavily Against Dollar

Global day of prayer with Rev Chris Oyakhilome

Naira crashed to a new 3-year low against the dollar, closing at N470/$1 on Wednesday, July 15, 2020. 

However, on the officially recognized NAFEX market, the forex turnover rose by 44.9 while the exchange rate depreciated closing at N386.50/$1, according to Nairametrics report.      

At the black market where forex is traded unofficially, the Naira depreciated by N5 to a dollar to close at N470 to a dollar on Wednesday, according to information from Aboki FX a prominent FX tracking website. This is against the N465 that it exchanged on Tuesday. However, during intraday trading, Nairametrics research observed the dollar sold for as high as N470/$ and as low as N465/$1. Nairametrics FX tracker also reported a parallel market FX rate of N470/$1. 

The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N386.50/$1, compared with the N386 that was reported on Tuesday, July 14. The opening indicative rate was N387.75 to a dollar on Wednesday. This represents a 17 kobo gain when compared to the N387.92 to a dollar that was recorded on Tuesday.  


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Minister of Interior Aregbesola pens inspiring love story on how he met his wife

While we may know almost everything about Ogbeni Aregbesola’s political career, how much do we really know about his love life.

Zubby Michael rains Naira on Rachael Okonkwo at mother’s burial

It was a rain of Naira as Nollywood actor, Zubby Michael sprayed money on actress Rachael Okonkwo during the burial of her...

Trump settles for Amy Coney Barrett for SCOTUS

Multiple reports indicated Friday that US President Donald Trump will name today conservative federal appeals court judge Amy Coney Barrett to fill...

Osinbajo rejoices with Pa Fasoranti who clocks 94

Vice President Yemi Osinbajo, on Friday, felicitated with elder statesman, Pa Reuben Fasoranti, on the occasion of his 94th birthday.

Recent Comments