COVID-19: Naira exchanges for N500 to $1 at the forward market

Naira’s true worth,Naira gains on the dollar for the first time since March, Naira forwards hit record high as it crashes to N420/dollar in the parallel market, Naira hits N500 to $1 at the forward market

The naira has been hitting new lows on the over-the-counter spot and black markets since last month, after the Central Bank adjusted its official rate, implying a 15% devaluation. This was done to absorb the impact of an oil price crash triggered by the coronavirus pandemic.

The Nigerian currency touched over N430 per dollar on the black market this week for the first time since 2017, about 14% weaker than the official pegged rate.

The naira was quoted at N386.33 on the spot market on Friday.


In addition, at the forward market, the one-year non-deliverable contract surged past N500 per dollar this week.

Money market rates climbed to 35% today, following the debit from just 2% at the lastI session.

Source: Wealth.ng