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Home Business News

Naira drops to N454 against a dollar, as foreign investors, importers struggle for dollars

Olumide Adesina by Olumide Adesina
May 15, 2020
in Business News, Spotlight
Naira crashes further at the parallel market due to dollar scarcity, lowest since 2017, Naira drops to N454, foreign investors and importers struggle for dollars
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The Naira has weakened today at the parallel market (popularly known as Black Market) as it trades at N454 to $1.

The development could be attributed to the high demand for the dollar by foreign investors and business owners, whose with dollar payment obligations have accumulated amid a shortage of the currency. The naira had firmed on the unofficial market last week after a coronavirus lockdown was eased.

READ ALSO: Nigerian Manufacturers confirm dollar scarcity

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Meanwhile, the naira is seen ranging on the official and the currency spot markets, bank currency traders said, as buyers resist weakening of the naira since the majority of dollar supply is from the Central Bank of Nigeria.

The CBN Governor, Godwin Emefiele, in a statement issued last Sunday, said,“Investors interested in repatriating their funds from the country are guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.”

(READ MORE: Here are 7 oil producing countries that have been most affected by COVID-19)

The Central Bank started the sales of forex to commercial banks on April 28, 2020, to help importers and individuals with dollar expenses abroad ramp up economic activity following a phased easing of the coronavirus lockdown.

Lately, at the forward market, the naira recently depreciated exchanging at an all-time high against the dollar, with the 5 years non-deliverable forwards falling to N570/$1 from N413/$1. Meanwhile, the apex bank insisted that it has enough dollars to meet demand.

 


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Tags: Black MarketCBNdollar scarcityForeign Exchange earningsforeign investorsForeign reservesLow oil pricesNaira
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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