Naira hits N500 to $1 at the forward market
By
Olumide Adesina
-
April 24, 2020
The naira has been hitting new lows on the over-the-counter spot and black markets since last month, after the Central Bank adjusted its official rate, implying a 15% devaluation. This was done to absorb the impact of an oil price crash triggered by the coronavirus pandemic.
The Nigerian currency touched over N430 per dollar on the black market this week for the first time since 2017, about 14% weaker than the official pegged rate.
The naira was quoted at N386.33 on the spot market on Friday.
Source:https://nairametrics.com/2020/04/24/naira-hits-n500-to-1-at-the-forward-market/
By
Olumide Adesina
-
April 24, 2020
The naira has been hitting new lows on the over-the-counter spot and black markets since last month, after the Central Bank adjusted its official rate, implying a 15% devaluation. This was done to absorb the impact of an oil price crash triggered by the coronavirus pandemic.
The Nigerian currency touched over N430 per dollar on the black market this week for the first time since 2017, about 14% weaker than the official pegged rate.
The naira was quoted at N386.33 on the spot market on Friday.
Source:https://nairametrics.com/2020/04/24/naira-hits-n500-to-1-at-the-forward-market/
