Naira exchanges for N495 per dollar at parallel market
The Naira on Thursday was exchanged at N495 per dollar at the parallel market.
According to data posted on Abokifx, the black market exchange rate website $1 was sold at N495 as of Thursday evening.
The CBN recently adopted the NAFEX Investor & Exporter forex window rate as its official rate, which traded at of N411.00 per dollar. This was a slight fall from N411.50 per dollar it exchanged on Wednesday.
It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.
The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.
Naira per dollar closed N412.50 the same rate it exchanged on Wednesday at the over the counter website, while Naira to British pound Sterling rose by N3.09 and closed at N585.75, from N582.66 it exchanged on Wednesday.
Similarly, One Euro was exchanged at N503.33 on Thursday. This shows a N0.41 or a 0.08% depreciation recorded by the Nigerian currency.
At the Black market, Naira exchanged at N692 per British Pound, but was exchanged at N686 on the previous day. This was a N6 naira depreciation, while Euro gained N8 against the naira, closing at N595 from N587 it was exchanged on Wednesday.
