The Central Bank of Nigeria (CBN), after devaluing the Naira in March, also adopted a unified exchange rate…
The Nigerian currency as continues to plunge further as the naira on Thursday exchanged at N450 to a dollar at the parallel market as the build-up on dollar demand continued to rise.
Newsheadline247 understands the naira became weaker on the black market following the increase in demand for dollar by foreign investors and importers with accumulated payment obligations amid shortage of currency caused by the oil price crash.
The Central Bank of Nigeria (CBN), after devaluing the Naira in March, also adopted a unified exchange rate, and pushed the official rate of the naira to N376 to a dollar for International Money Transfer Operators rate to banks; N377 to a dollar for banks’ dollar sale to CBN and pegged CBN’s dollar sales to banks at N378.
Court verdict! DSS to pay N10m to man detained for using previous phone line of Buhari’s daughter
In a report monitored in The Nation newspaper, the CBN also moved the official rate to N360 to the dollar from N307 per dollar previously and now selling dollar to foreign portfolio investors (FPI) at N380 at the Investors’ & Exporters FOREX window from N366 per dollar previously.
But the move has failed to strengthen the local currency which many experts fear could face a second round of devaluation.
Meanwhile, the naira is seen steady on the official and over-the-counter spot markets, traders say, as bidders resist weakening the currency since the majority of dollar supply is from the CBN.
The bank resumed forex sales last week to help importers and individuals with dollar expenses abroad ramp up economic activity following a phased easing of the coronavirus lockdown.
