BREAKING: Naira Plunges to N465 per Dollar on the Parallel Market

The Central Bank of Nigeria (CBN) has decried the activities of speculators in the foreign exchange market as the Naira took a Plunge to N465 to the dollar on the parallel market on Mondayafter exchanging at an official rate of N460 to the US Dollar on Thursday.

While giving it’s report on Monetary, credit, foreign trade and exchange policy guidelines for 2020/21, the CBN identified declining revenue from crude oil and challenges caused by COVID 19 as reasons for the poor performance of the Naira in the FX market.

The report noted that the Naira sold at N430 per US Dollar when the CBN commenced sales of FX to Bureau de change operators in September 2019.

The report further stated that the viability of the external sector is expected to slump due to the declining value of Nigeria’s external reserves and rapidly decreasing FX earnings.

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