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The naira appears to be more stable at the parallel market after a closing rate of 470 naira/dollar on Thursday, July 16, 2020. Aboki FX shows the rate was used all through the day. ARE also confirms the black market forex rate of N470 per dollar.
This is different at the investors and exporters window which depreciated to close at N388/$1 the same day. Before the end of Thursday, the naira dropped about 0.95% from its opening rate of N387.96/$1 at the investors and exporters window. The market closed 388 naira/dollar.
Exchange Commentary
Forex at the black market is traded unofficially and is different from other naira exchange rates. The central bank has now moved to dissolve the multiple exchange rates which are used in Nigeria as demanded by the IMF and the World Bank.
This is as accurate as the forex data can be in Nigeria. ARE uses data from Aboki FX and analyses it with those collected from traders on the ground.
ARE have also laid out the differences in the Nigeria exchange rates as well as the plans to unify the exchange rates by the CBN.
The WEEKAHEAD-Africa FX also forecasts naira to be weaker the week to come.
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