Wednesday, 16 September 2020

Naira falls to N460/$1 as CBN intervention fails to contain speculation

 




The naira depreciated at the parallel market despite the third round of forex allocation to BDCs.

 
Forex turnover increased by a record of 1540.6% as Nigeria’s exchange rate at the NAFEX window remained stable to close at N386/$1 during intraday trading on Monday, September 14, 2020. In sharp contrast, the naira depreciated to close at N460/$1 at the parallel market despite the third round of forex allocation to BDCs on Monday.

Parallel Market: At the black market where forex is traded unofficially, the Naira depreciated against the dollar to close at N460/$1 on Monday, according to information from Abokifx, a prominent FX tracking website. This represents a N5 drop when compared with the N455/$1 that it exchanged on Friday, September 11. However, the daily parallel market exchange tracker by Nairametrics gives a closing rate of N455/$1 earlier on Monday.

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