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Naira Weakens At Parallel Forex Market, Trades N482/$

Naira Weakens At Parallel Forex Market, Trades N482/$

After it appreciated for three days, the Naira depreciated marginally at the unofficial foreign exchange, FOREX, market on Monday.

A Dollar was sold for N482 on Monday, compared with N480 it exchanged on Friday as the demand for the US currency continues to outstrip supply.

The Dollar had hit N500 penultimate week due to the scarcity of forex in the country, caused by low prices of oil and output cut and the impact of COVID-19 on global economy, which reduced inflows into the country.

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The Central Bank of Nigeria (CBN) had to liberalize diaspora remittances into the country, compelling International Money Transfer operators through banks to issues Dollars to recipients, in order to boost remittances from Nigerians abroad into the country.

At the Investors’ forex window, the Naira weaken by 0.06% to N395.00/$ from N392.13/$ on Friday, while the Dollar was sold for N379.00 at the official window, the same rate it traded on Friday. 

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