Naira weakened against dollar to its lowest level in more than 10 months on Wednesday.
The exchange rate at the Investors and Exporters window depreciated on Wednesday, February 10, 2021 and closed at N400 to one dollar amid dollar scarcity in the country.
Nigeria’s naira traded for as high as N405 as the demand for the greenback increase by both legitimate importers and foreign investors that wanted to repatriate their earnings.
The closing rate indicated that naira depreciated in value by N1.5 as against N389.5 to dollars on the investors’ and exporters’ window on Monday.
Despite the increase in economic activities globally and positive news that COVID-19 vaccine will arrive in the country this month, the external reserves has maintained a downward trend.
The CBN had previously attributed the foreign reserve depletion to lower foreign exchange receipts and sustained intervention to stabilise the exchange rate.
At the parallel market/black market, the naira to dollar exchange rate appreciated and closed at N478 to one dollar as gainst N480/$ in the previous day.