….As Naira falls to N487/$ in parallel market
The Central Bank of Nigeria, CBN, depreciated the naira today by N7.75 in the Investors and Exporters (I&E) window, prompting the nation’s currency to fall by N4.5 to N487 per dollar in the parallel market.
Recall that the CBN in March had depreciated the naira in the I&E window to N386/$ dollar from N360/$.
The second depreciation today was reflected in the forex trading results published on the FMDQ platform, which showed that the I&E window rose to N393/$ at the close of business from N385.5/$ yesterday, November 24th 2020.
In response, the parallel market exchange rate rose by N4.5 kobo today to close at N487 per dollar from N482.5 yesterday.