The naira-dollar exchange rate at the parallel market fell to a three-year low on Thursday closing at N463/$1.
On the officially recognized NAFEX Market, forex turnover rose by 110.6 per cent strengthening the exchange rate to N386.50/$1.
At the black market where forex is traded unofficially, the naira depreciated by N2 to $1 to close at N463 on Thursday, as against the N461 to a dollar on Wednesday, the lowest naira value in three years.
The exchange rate at the beginning of the week was N461 to $1. The last time the exchange rate traded at N463 at the black market was March 10, 2017.
Consequently, the naira appreciated against the dollar at the Investors and Exporters window on Thursday, closing at N386.50 to $1 compared to the N386.75 that was reported on Wednesday, representing a 25 kobo gain.
This is as traders continue to mull over CBN’s adjustment of the exchange rate at the SMIS window.
The opening indicative rate was N386.96 to $1 on Thursday, representing a 36 kobo gain when compared to the N387.32 to $1 that was traded on Wednesday.
Nigeria maintains multiple exchange rates comprising the CBN official rate, the BDC rates, SMIS , and the NAFEX (I&E window).
Last week, the government revealed plans to unify the multiple exchange rates in line with requirements from the World Bank.
Nigeria is seeking a World Bank loan of up to $3bn but the country has been under pressure from the International Monetary Fund and the World Bank for currency reforms.
