The naira has crashed at N450 to a dollar at the parallel market as build upon dollar demand continued to rise.
The naira is seen weakening on the black market as dollar demand rises from foreign investors and importers with payment obligations accumulated amid hard currency shortages triggered by an oil price crash, traders said.
The Central Bank of Nigeria (CBN) has also adopted a unified exchange rate, and pushed the official rate of the naira to N376 to dollar for International Money Transfer Operators rate to banks; N377 to dollar for banks’ dollar sale to CBN and pegged CBN’s dollar sales to banks at N378.
However, Despite the foreign exchange crisis caused by low crude oil prices and the global coronavirus lockdown, the latest figures from the Central Bank of Nigeria (CBN) show that the country’s external reserves have further risen to $34.78 billion.
The data from CBN shows that the external reserves increased sharply by $1.36 billion in just 13 days, rising from $33.42 billion as of April 29, 2020, to about $34.78 billion on May 12, 2020.