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Naira crashes to record low at black market as demand pressure intensifies

Economy

Naira crashes to record low at black market as demand pressure intensifies

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Forex turnover dropped by 44.13%, as Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N386/$1 during intra-day trading on Wednesday, November 18.

Also, the naira hit record low as it depreciated against the dollar, closing at N478/$1 at the parallel market on Wednesday, November 18, 2020, as dollar shortages persist despite increased demand by manufacturers and traders.

This is despite the allocation of about $1 billion to Bureau De Change (BDC) Operators since September by the CBN.

Parallel market: According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira depreciated against the dollar to close at N478/$1 on Wednesday.

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