Naira Devalued Again, Forex Turnover Falls By 88%

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The Naira declined by 88% on Wednesday at the Investors and Exporters (I&E) window weakening the exchange rate to N386.76 to a dollar, as compared to the N386.50 that was reported on Tuesday, July 7, representing a 25 kobo drop.

This is as traders continue to mull over the Central Bank of Nigeria's adjustment of the exchange rate at the SMIS window.

The opening indicative rate was N387.32 to
one dollar on Wednesday.

represents a 14 kobo fall when compared to the N387.18 to a dollar that was recorded on Tuesday. 

The exchange rate at the black market however remained even at N461 to a dollar for the third consecutive day this week.

At the black market where
forex is traded unofficially, the Naira maintained stability as it closed at N461 to a dollar on Wednesdaywhich was the same rate that is exchanged on Tuesday.

The CBN on Tuesday modified the value of the Naira to exchange to the dollar at N381, as parts of measures to unite the nation's multiple exchange rates and promote stability. 

Although the CBN has not officially made its position known, data obtained on the FMDQ OTC, an exchange where forex is traded by foreign investors and exporters, showed a 5.54 percent change from N360 to a dollar. 

The new rate is believed to be in line with CBN's efforts to unify the exchange as the foreign exchange spot.

On Tuesday, the dollar was quoted at N380.69k at the Secondary Market Intervention Sales (SMIS), where importers access foreign currencies