Naira Falls By 1.12% To N450/Dollar At Parallel Market

The Naira has depreciated against the dollar by 1.12% to sell at N450 on Tuesday at the parallel market, from.N445  on Monday, data from Abokifx shows.

The naira has been falling against the dollar since the onset of the coronavirus pandemic , which has affected crude oil demand and brought crude oil prices down, thereby whittling down Nigeria’s revenue from crude oil.

The Central Bank of Nigeria had suspended its $250 million  intervention in the forex market every two weeks due to falling reserves which are  currently at $34 billion, according to the apex bank data.

However the bank recently announced a weekly intervention of $100 million to support local  businesses making foreign transactions and for payment of school fees abroad.

The  CBN has also  adjusted the official exchange rate  by 17½ percent to N360 per dollar, in other to bring it closer to other rates, while the various exchange rate windows have been broadly unified around the rate in the investors and exporters (I&E) window, which is currently at N388 per dollar.