Tag
PARALLEL MARKET
News and stories about parallel market
The consistent slide of the naira in the parallel market is a pointer to the fact that CBN may further devalue the naira.
The volatility of Nigeria’s foreign exchange market seems to be heading towards the 2015 crisis era as the naira has further depreciated to N450 to a dollar in the parallel market
Naira depreciated against both the US dollars and the British pounds at the parallel market
Naira continues on its downward slide against major currencies of the world as it dipped further against the US dollar to stand at an average of $1/N412.
Naira has depreciated to its weakest level since February 2017 at the parallel market, which is also known as the black market.
CBN has adjusted the value of the Naira by as much as 15% as it seeks a single exchange rate instead multiple exchange rate.
There appears to be no let-off for Nigerian local currency, Naira as the mounting pressure on it continues unabated.
The CBN recently adjusted the rate in the Investors and Exporters Foreign exchange window to N380/USD from the N364 to N370.
Many Nigerian banks are reducing how much foreign currency customers can spend abroad as concerns over the impact of the COVID-19 pandemic and drop in crude oil prices worsens Nigeria’s currency situation.
Driven by fears of naira being weakened at the fallout in last week's plunge in oil price, foreign portfolios investors ramped up their exit from the fixed income market.
Speculators strike as exchange rate falls to N366/$1, stocks lose another N1 trillion.
Parallel market exchange rate between the Naira and three of the world's major currencies.