Last Updated on February 2, 2021 by Ope Quadri
The pressure on the Nigerian currency persists as Naira depreciated further Wednesday, hitting N478 against 1US Dollar.
It closed at N470/$1 at the parallel market on Friday, November 13 while it started the week on a more disappointing way, it sold for N475 against the US dollar which it maintained till the close trading on Tuesday, November 17.
At the time of this report (19:50), Wednesday, November 18, 2020, a US dollar is worth N478, a data on abokifx reveals.
Since the outbreak the Coronavirus pandemic, the naira has consistently lost signifant value at the exchange market, not just against the US dollar, but against other major currencies globally, even on the African continent.
To buy USD, CAD, Euro, Pounds, you’d pay more:
- Naira vs US Dollar
- Naira vs Canadian Dollar
- Naira vs United Arab Emirates Dirham
- Naira vs Euro
- Naira vs British Pounds
- Naira vs Ghanaian Cedi
In April 2020 when it fell to N470, the depreciation was attributed to the crash in oil prices. You can check out our daily update on Naira/USD black market rate.
A financial analyst has said further pressure was expected on the Naira, “as a result of declining export revenue combined with deepening economic fallout from coronavirus.”
Immediately after the pandemic lockdown, the Central Bank of Nigeria (CBN) resumed the sales of forex to certified Bureau De Change (BDC), the measure worked temporarily before the latest slide to its worst exchange rate at the parallel market in recent time.
Can Nigerian Naira regain its value?
Recently, the Managing Director/Chief Executive Officer, Mr Bismarck Rewane, the pressure on oil prices would limit forex into Nigeria thereby causing a depreciation, saying the naira would weaken in the parallel market to hit 470-475 against the dollar in November and December, 2020.
But we believe that the naira can regain its value if the CBN consolidate on its measures