Naira has continued a downward route at the exchange rate market against the dollar.
Naira and dollar
The value of the naira has continued to depreciate against the dollar at the exchange rate market.
According to Nairametrics, the naira hit a record low as it depreciated against the dollar, closing at N478/$1 at the parallel market on Wednesday, November 18, 2020, as dollar shortages persist despite increased demand by manufacturers and traders.
This is despite the allocation of about $1 billion to Bureau De Change (BDC) Operators since September by the CBN.
According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira depreciated against the dollar to close at N478/$1 on Wednesday.
This represents a N3 drop when compared to the N475/$1 that it exchanged for on Tuesday, November 17.
This comes as the naira exchange rate at the NAFEX window also depreciated against the dollar to close at N386/$1 during intra-day trading on Wednesday, November 18.