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Nigeria's Naira falls to record low at NAFEX window as CBN adjusts exchange rate again

The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N410.25/$1.

Nigeria's Forex turnover rose by 43%, as the Naira’s exchange rate at the NAFEX window hit a record low, depreciating significantly against the dollar to close at N410.25/$1 during intra-day trading on Wednesday, December 30, as per a report from Nairametrics.

Also, the Naira remained stable against the dollar – closing at N470/$1 at the parallel market on Thursday, December 31, 2020 – as the CBN moves towards exchange rate unification with the devaluation of the naira at NAFEX market.

Naira falls across forex markets as businesses resume after public holidays
Image Source: Nairametrics

The Association of Bureau De Change Operators (ABCON) has appealed to the Central Bank of Nigeria (CBN), to make BDCs payout agents for diaspora remittances.

According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the Dollar to close at N470/$1 on Thursday – the same rate that it exchanged for on Wednesday, December 30.

Nigeria In Focus:

Population: 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)