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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.  

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