Naira Crashes To New Record Low…See current Exchange Rate

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This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

The naira has continued to depreciate against the dollar after crashing to a new record low.

On Friday, November 20, 2020 the naira exchanged N484/$1 at the parallel market, as companies and individuals divert export proceeds and remittances away from approved channels according to Bloomberg.

This represents N4 drop when compared to the N480/$1 that it exchanged for on Thursday, November 19.

This is also as demand pressure increases as importers stock up goods ahead of Christmas sales.

The CBN, a few days ago relaxed its earlier policy on banning third parties from having access to foreign exchange routed through Form M.

Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N385.83/$1 during intra-day trading on Friday, November 20.

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