The value of the naira has continued to depreciate against the dollar at the exchange rate market.

 According to Nairametrics, the naira hit a record low as it depreciated against the dollar, closing at N478/$1 at the parallel market on Wednesday, November 18, 2020, as dollar shortages persist despite increased demand by manufacturers and traders. 

This is despite the allocation of about $1 billion to Bureau De Change (BDC) Operators since September by the CBN. According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira depreciated against the dollar to close at N478/$1 on Wednesday.

 This represents a N3 drop when compared to the N475/$1 that it exchanged for on Tuesday, November 17. This comes as the naira exchange rate at the NAFEX window also depreciated against the dollar to close at N386/$1 during intra-day trading on Wednesday, November 18.

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