Friday, April 12, 2024

Naira hits N503 to dollar in black market as CBN devalues again

The Central Bank of Nigeria has devalued the national currency to N390 to the dollar.

• November 28, 2020
Central Bank of Nigeria, CBN
Central Bank of Nigeria, CBN

The exchange rate between the naira and dollar has depreciated to N390 against one dollar at NAFEX, the official exchange rate market. 

The exchange rate closed, yesterday, at N390.25 to the U.S. dollar after trading at a high price of N400.37 and a low price of N383/$1. The exchange rate at the NAFEX market has traded between N383 and N385 per dollar respectively.

A circular signed by O.S. Nnaji, Director of Trade and Exchange at the CBN, shows the CBN has devalued the exchange rate between the dollar and naira sold to bureau de change to N390/$1. The circular also mandates the BDCs to sell to potential buyers at N392/$1. The volume of sales for each market is $10,000 per bureau de change.

Last August, the CBN devalued the naira after issuing a circular authorising dealers instructing them to sell forex to end-users at N386/$1.

It was the first time the CBN sold forex to money changes since it stopped in March as the country went into a lockdown as a result of the COVID-19 pandemic.

Since then, the exchange rate at the black market has gone from N395/$1 in March, to N495/$1 as of Friday morning, exactly eight months later and the weakest since 2017.

On Saturday morning, several bureau de change operators in Lagos and Abuja told Peoples Gazette that the naira had worsened to N503 against the American dollar.

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