by 
The naira which traded at 470 at the parallel market almost all throughout last week has further dropped this week. The closing rate of the naira on Friday, July 17 was 470 per dollar and by Monday, July 20, it opens at 472 according to Aboki FX. We have also confirmed traders exchanging naira to the dollar at the rate of 473/$1.
The exchange rate at the NAFEX window is also unstable moving around N387.5 – 389/$1. On Friday, July 17, it closed at N388.5/$1 and opens at N388.4/$1 on Monday.
To further understand the exchange in Nigeria, it is important to take a look at the forex turnover on the FMDQ website. They provide reports on forex turnover.
Reuters Africa had predicted last week that for the week ahead, the naira will likely weaken further against the dollar in the parallel market.
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.
Follow us on Facebook and Twitter and send us stories on contact@africareinvented.com
