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For two days in a row, the parallel market maintained a stable naira rate of ₦472/$1 and closed the same on Wednesday, July 22, 2020. NAFEX rate also remained unchanged and the closing rate was ₦388.17/$1. Here’s a quick overview:
- Opening indicative rate on Tuesday for NAFEX rate is ₦388.50/$1
- The closing rate on Tuesday and Wednesday for NAFEX was ₦388.17/$1
- Opening indicative rate on Wednesday was ₦388.65
Multiple exchange rates operation in Nigeria is in line with the CBN’s forex policies. However, a unification is set to take place soon according to Godwin Emefiele. This is to balance the country’s request for a $3.5 billion loan with the requirements of the world bank.
Forex Turnover
The FMDQOTC shows that the daily market turnover for the last 32 days is $47 million on average.
Details of forex turnover at the Investor and Exporters (I&E) window show there was a huge decline on Wednesday, July 22, 2020. It is a 59.1% decrease from $29.77 million on Tuesday, July 21, 2020, to $12.17 million on Wednesday.
To further understand naira exchange rates and turnover in Nigeria, it is important to take a look at the FMDQ website.
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