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The exchange rate at the Nigerian Autonomous Foreign Exchange (NAFEX) window continued it weakened more at the Investors and Exporters window on Tuesday, February 2, 2021.
The foreign exchange closed at N395.00 to one dollar as against N394 to one dollar closing rate on Monday.
NAFEX, also known as Investors and Exporters forex window, is where forex is traded officially.
The closing rate indicated that naira depreciated in value by N1.
The naira traded for as high as N416.95 at the I and E window on Tuesday on the back of plunging forex reserves and rising demand for forex.
The forex reserves reduced by $36.81 million or by 0.1 percent between January 26 and 27, 2021.
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