The exchange rate between the naira and the US dollar closed at N411/$1 at the Importers and Exporters window, where forex is traded officially.
The Naira appreciated further against the US dollar on Thursday at the official NAFEX window to close at N411 to a dollar. This represents a 0.12% gain when compared to N411.50/$1 recorded on Wednesday, 26th May 2021.
However, the Naira hit an almost three-and-a-half-year low, as it depreciated at the parallel market, closing at N495/$1 on Thursday, May 27, 2021. This shows a N2 drop when compared to the N493/$1 that was recorded the previous day.
The Naira fell to a near three and half year low at the black market after the CBN adopted the NAFEX rate as the new official exchange rate and the country’s external reserve lost N987.1 million in about 6 weeks.
According to Reuters, the naira hit N500 to a dollar at the black market in November, a more than 3 and half year low.
Providus bank
The exchange-rate movement at the black market is driven by speculation based on the adoption of the NAFEX rate by the CBN.
