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.


Abuja Man reveals (FREE) secret Fruits that Increased his Manh00d size and Lasting Power in 5days…


%d bloggers like this:
Fake Richard Mille Replica Watches, The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica