Economy
CBN further devalues Naira, exchanges N392/$ in BDC
The Central Bank of Nigeria (CBN) has further devalued the naira for the third time this year at different segments of the county’s foreign market as it struggles to meet dollar demand.
The CBN in a circular told BDCs to now sell a dollar for N392 instead of N386/$, traders will exchange dollar for N390 from N384, while international money transfers will be exchanged at the banks at N388/$ against N382/$.
Nigeria has been struggling with dollar scarcity due to drop in crude oil prices and the impact of COVID-19, which has made many portfolio investors to take a flight from the country, thereby adversely affecting its capital inflows.
The dollar was sold for N500 at the parallel market as many importers begin to run out stock of raw materials which are procured from abroad.
Apart from the decline in oil price, the country output has dropped to 1.7 million barrels per day due to the OPEC+-agreed output cut earlier in the year.
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