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Nigeria: Naira Slumps To N470/$1 On Parallel Market

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Naira dropped further on the parallel market yesterday, hitting N470 against the dollar as scarcity of foreign exchange, occasioned by the outbreak of novel Coronavirus continues to negatively impact the local currency.

Naira has been on a steady decline against the dollar in the last few weeks, falling by over 15 per cent from N390 to the greenback late last month to N470/$1 today.

According to analysts, the crash in oil prices has sent naira crashing to its weakest level on the parallel market since 2017.

In a note obtained by Dandal Kura Radio, the analysts said they foresee further pressure on the naira after last week’s seven per cent slide, as a result of declining export revenue combined with deepening economic fallout from coronavirus.

In the wake of the slump in oil prices, Central Bank of Nigeria on March 20 devalued the official naira exchange rate from N307 to N360 dollar at the Investors and Exporters of window as well as the Bureaux De Change segment of the market at N366 to N380 to a dollar and N360 to N380 per dollar respectively.

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