Nigerian Naira falls to N450 against dollar on parallel market – Nigerian Naira lost N5.00k as the dollar traded at N450 compared to N445 traded on Tuesday at the parallel market also called the black market on Wednesday.
The rate was stable on Wednesday morning as the dollar traded at N445 the same as on the previous day as scarcity of the greenback persists. “Dollar is becoming scarce,” traders said.
At the retail Bureau segment Naira weakened by N4.00k as the dollar was sold at N450 after trading on Wednesday as against N446 sold on the previous day.
The CBN April 29, 2020 resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).
The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.
The Apex bank on March 26, suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice due to the Covid-19 lockdown as requested by the operators. The suspension not withstanding, some BDCs are still active in the market.
Nigeria’s foreign exchange market closed on Wednesday with the cost of the dollar unchanged at N386.94k at the Investors and Exporters (I&E) forex window.
The market commenced activities on Wednesday morning with an indicative rate of N387.10k, signaling Naira appreciation by N0.53k to N387.10 per dollar compared to N387.63k opened with on Tuesday at the I&E window, data from the FMDQ revealed.
The Central Bank of Nigeria (CBN), on Sunday assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.
Godwin Emefiele, governor of the CBN, said investors interested in repatriating their funds from the country were guaranteed to get their money.