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The News Beam
Home News Business & Economy

BREAKING! CBN depreciates Naira again

November 25, 2020
in Business & Economy, Economy, Finance
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….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.

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