The naira has continued to depreciate against the dollar and other currencies at the exchange rate market.
Naira and dollar
Nigeria's naira continued on a low path against the dollar on Friday as it exchanged N470/$1 on Friday.
However, on the officially recognized NAFEX market, the forex turnover dropped by 63.7% while the exchange rate depreciated for a third consecutive trading day closing at N388.50/$1.
According to Nairametric, at the black market where forex is traded unofficially, the Naira remained stable again closing at N470 to a dollar on Friday, according to information from Aboki FX a prominent FX tracking website. An Independent check by Nairametrics research also indicates a stable parallel market rate of N470/$1.
The Naira depreciated marginally against the dollar at the Investors and Exporters (I&E) window on Friday by 50 kobo, closing at N388.50/$1, compared with the N388 that was reported on Thursday, July 16. The opening indicative rate was N388.07 to a dollar on Friday. This represents an 11 kobo drop when compared to the N387.96 to a dollar that was recorded on Thursday.