Market News
Another devaluation? Naira trades at N410/$1 at the official I&E Window - NAIRAMETRICS
Recent activity indicates the CBN may have just devalued the Naira exchange rate at the official I&E Window.
Published 2 hours ago on December 31, 2020By Chike Olisah Naira stabilizes at black market as CBN continues its intervention in forex market
Reports reaching Nairametrics indicate the exchange rate may have been devalued to N410/$1 at the official I&E Window. Nairametrics is yet to independently verify this.
However, we confirmed that midday trading at the official I&E window crossed at N410/$1 signifying a possible devaluation of the naira.
The official exchange rate quoted on the website of the apex bank was N379/$1 as of December 30th, 2020 but was yet to be updated as at the time this article was written and first published. The FMDQOTC website still quoted Wednesday 30th’s rate. The market closes at 2 pm.
Nigeria has devalued the exchange rate multiple times this year as it strives to bridge the disparity between the official and parallel market rates.
Forex turnover rose by 27.6%, as the Naira’s exchange rate at the NAFEX window depreciated against the dollar to close at N394/$1 during intra-day trading on Wednesday, December 30.
Also, the Naira remained stable against the dollar – closing at N470/$1 at the parallel market on Wednesday, December 30, 2020 – as Nigeria’s external reserve increases by $515 million in 12 days, rising from $34.841 billion as of 18 December 2020, to $35.356 billion as of 30 December 2020.
This is a developing story…
