Naira Depreciates To N387.33 kobo Per $1 At Forward Market

The naira has crashed to N387.33 kobo to a dollar at forward market as the demand for foreign currencies continues to rise.

Naija News understands that the Naira depreciated against the US dollar on the first working day of the week as it depreciated to N387.33 to a dollar at the Investors and Exporters (I&E) window, after the day’s trading session.

The local currency lost N0.83 against the dollar, when compared to the N386.50 to a dollar that is traded on Friday, June 8, 2020.

The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1.

This is also different from the exchange rate at the parallel market, which was stable at N450 to a dollar, according to information on AbokiFX as of Monday, June 8, 2020.