As a result of dollar scarcity, the Naira has crashed badly against the dollar at the exchange rate market.
The naira has continued its crash against the dollar after exchanging at N472/$1 on Monday, July 20, 2020 at the parallel market. However, on the officially recognized NAFEX market, the forex turnover increased by 4.5% while the exchange remained stable closing at N388.50/$1.
According to Nairametrics, at the black market where forex is traded unofficially, the Naira depreciated by N2 to a dollar to close at N472 to a dollar on Monday, according to information from Aboki FX a prominent FX tracking website.
This is against the N470 to a dollar that it exchanged on Friday the previous week. An Independent check by Nairametrics research shows that the exchange rate sold as high as N473/$1 according to the FX tracker. Nairametrics collates parallel market exchange rates as far back as 2017.
The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N388.50/$1, this was the same rate that was reported on Friday, July 17. The opening indicative rate was N388.40 to a dollar on Monday.
This represents a 33 kobo drop when compared to the N388.07 to a dollar that was recorded on Friday. The exchange rate disparity between the official NAFEX rate and back market rate widened on Monday and is now a whopping N84.