Naira Crashes Low at Black Market as Demand Pressure Intensifies

Naira Crashes Low at Black Market as Demand Pressure Intensifies

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Naira Crashes Low at Black Market as Demand Pressure Intensifies: This week seems to be a terrible one for the Nigerians Naira, the value of the naira was a record low to the US dollar at the black market

The naira closed 478 to the US Dollar at the parallel market, this Wednesday, the 18th of November, 2020. Dollar shortage was blamed as the root cause of the problem

The CBN dollar relief of a billion dollar to the Nigeria Bureau De Change could not solved the fall of the naira as operator activities intensified

Also see CBN Imposed: Banks Charge Customers for Failed Transactions

“The local currency had strengthened by about 7.8% within one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers.

“This is to boost the supply of dollars in the foreign exchange market and reduce the high demand for forex by traders.

“The CBN has sold about $1 billion to BDCs since they resumed forex sales on Monday, September 7, 2020.

“This was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.

“However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs” Nairametric analyses