Business

Naira weakens to N460/$1 at parallel forex market

Published

5 years ago

September 14, 2020

Customs increases FX rate for collection of duties from N770/$ to N783/$

The Naira lost N5 against the Dollar to N460 at the parallel foreign exchange market on Monday, data obtained from aboki.com, an exchange rate monitoring website, showed.

The local currency had strengthened at the parallel forex market when the Central Bank announced it was going to resume the sales of dollar to bureau de change operators on September 7.

The CBN has so far sold over $150 million to BDCs since then.

At the dollar at the Investors and Exporters (I&E) forex window, the local currency was stable N386/$1 as the market turnover by a record 1540.6 per cent to $340.58 million on Monday.

The Dollar was sold for N379 on Monday at the official window, the same rate it exchanged on Friday.