Economy: Naira Weakens To 410 Against Dollar At Parallel Market

The Naira has weakened against the dollar on the parallel market to N410 on Friday, as the coronavirus pandemic hit economic activities.

Data gathered from AbokiFX revealed that trading of the FX on the parallel market started at N400, while it plummeted by 2.43% to N410 per dollar at the end of trading.

Reports also showed that the Naira went down to N385.39 per dollar on the over the counter spot market, as importers across the country rushed for dollars to meet up existing transactions.

Last week the Central Bank of Nigeria had adjusted the official rate of the Naira from N306 to N360.

The apex bank said it would sell to Bureaux de Change (BDC) across the country at N376 per dollar, while it directed the BDC to sell at N380 per dollar.

Rates at the Lagos Bureaux de change remained at the CBN benchmark of N380 per dollar as of the close of trading on Friday.

Meanwhile, the CBN had on March 25 suspended the sale of dollars to BDC operators till further notice which may trigger a price hike above the N380 benchmark directed by the apex bank.

CBN said the suspension followed the directive of the federal government to restrict the gathering of more than 20 persons.