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Naira falls to N410/$1 at the parallel market

Nigeria’s currency depreciated to N410 per one dollar at the parallel market, popularly called the black market on Friday evening following uncertainties in the foreign exchange market.

This development followed the suspension of sales of foreign exchange by the Central Bank of Nigeria (CBN) to the Bureau De Change operators (BDCs).

By the fall, the Naira has depreciated by N20 from N390 per dollar traded on Wednesday.

The problem of the Nigerian currency is being worsened by the raging coronavirus and the crash in oil prices.

 The CBN yesterday suspended indefinitely the sales of foreign exchange to the Bureau De Change operators, an action said to be  in response to a letter dated March 24, 2020 by the BDCs recommending the CBN to declare market holiday on its weekly bidding pending the re-opening of the nation’s boarders and the control of Covid-19 (coronavirus).

The suspension according to the Association of Bureau De Change Operators (ABCON) was as a result of the shut down or land, air and sea border by a lot of countries globally and as such, has reduced the number of travelers and the demand for foreign exchange by travellers

At the Investors and Exporters (I&E) forex window on Thursday, the naira deprecated by 1.39 percent to close at N385.53kobo per dollar.

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