Naira Crashes To New Record Low…See Latest Exchange Rate

Naira and dollar

The naira has continued to depreciate against the dollar after crashing to a new record low.

On Friday, November 20, 2020 the naira exchanged N484/$1 at the parallel market, as companies and individuals divert export proceeds and remittances away from approved channels according to Bloomberg.

This represents N4 drop when compared to the N480/$1 that it exchanged for on Thursday, November 19.

This is also as demand pressure increases as importers stock up goods ahead of Christmas sales.

The CBN, a few days ago relaxed its earlier policy on banning third parties from having access to foreign exchange routed through Form M.

Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N385.83/$1 during intra-day trading on Friday, November 20.