For the third time in a week the Naira has plummeted against the dollar in the parallel market after it sold for N430 per dollar on Thursday.
The Naira has consistently dipped from N420 to N425 and N430 in four days, representing an average loss of N5.
The economy has faced a lot of pressure resulting from the virus and the Central Bank of Nigeria has for long halted its weekly interventions.
According to data from AbokiFX, the price fell towards the end of trade from N425 to N430.
At the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the Naira rallied by N1.38 to trade at N387.54, against N388.92 recorded on Wednesday.
Anaedooonline.com reported that Naira has continued its slide against the dollar at the parallel market as the Nigerian currency exchanged for N425 against the dollar on Wednesday.
According to abokifx.com, although a dollar was sold for N420 in the morning, by Wednesday evening the rate had become N425/dollar.
Last month, the Naira weakened against the dollar on the parallel market to N410, as the coronavirus pandemic hit economic activities.
Read More: Just In: Naira Crashes Further Against Dollar To N425
The coronavirus pandemic has fiercely affected the economy and well pushed many country into recession.
Data gathered from AbokiFX revealed that trading of the FX on the parallel market started at N400, while it plummeted by 2.43% to N410 per dollar at the end of trading.
Reports also showed that the Naira went down to N385.39 per dollar on the over the counter spot market, as importers across the country rushed for dollars to meet up existing transactions.
Last week the Central Bank of Nigeria had adjusted the official rate of the Naira from N306 to N360.
The apex bank said it would sell to Bureaux de Change (BDC) across the country at N376 per dollar, while it directed the BDC to sell at N380 per dollar.
Follow us on, Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.