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US DOLLAR
The outbreak of COVID-19 and the sharp downturn in crude oil prices have continued to stoke fears of a further devaluation in the Naira.
Even with the coronavirus pandemic having devastating impacts across the global market and wiping out trillions of dollars of assets, the US dollar is unaffected by the turmoil
As events in the oil market fallout, the US dollar hit a record high against the Naira in the non-deliverable forward's markets on Tuesday, April 21, 2020.
Gold has so far gained 14% in 2020, supported by record holdings in gold ETFs as COVID-19 pitched world economies into recession and weakened investors’ appetite for risk.
The Nigerian Naira has been relatively stable in relation to the US Dollar since the CBN began to defend the currency.