Business

Naira drops to N460/$1 on parallel market

The naira weakened further on the parallel market, yesterday, dropping to N460/$1 from N455 per dollar that it exchanged for on Friday, traders said.

 

The local currency, which has been under pressure on the parallel market since the beginning of the year, due to foreign exchange scarcity occasioned by the slump in the price of oil rebounded from N477 per dollar to N440/$1 penultimate Tuesday, following an announcement by the apex bank that it would resume the sale of dollars to Bureaux De Change (BDCs) on September 7.

 

The CBN had in March suspended its weekly sale of forex to the BDCs due to the suspension of international flights and other coronavirus containment measures announced by the Federal Government. However, despite the resumption of forex sales to the BDCs, the naira has been under pressure on the parallel market in the last few days.

 

Traders attributed the naira’s weakening yesterday to President Muhammadu Buhari’s recent announcement that the CBN would no longer provide forex for food imports and fertiliser.

 

According to analysts, the president’s directive is pushing up demand for forex on the parallel market.

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