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    Israel and Iran agree on ceasefire – Trump

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    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

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    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

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    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    List of Dividends announced in 2025, qualification and payment dates

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    Legend Internet Plc reports N32.9 million profit for Q1 2025

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    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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Home Markets Forex

Naira Crashes Further Against the Dollar

Friday, 24 April 2020, 6:49 pm
in Forex, Markets
2
Naira Crashes Further Against the Dollar
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On Friday the scarcity of the dollar sent the value of Naira southwards by 4.6% compared to its value on Thursday.

$1 traded at N450 in the parallel market on Friday compare to N430/$1 on Thursday according to Aboki Fx as the supply of dollar continues to dwindle, due to low foreign exchange earnings for the highly oil dependent economy. However, the Naira remained unchanged against the GBP at N500 per GBP.

  • Read also; Naira Value slumps against the dollar and British pounds
  • Implications of increasing Covid cases

Earlier in the week on Monday, U.S oil market saw its worst day in history as oil traders paid buyers to the oil off their hands. Nigeria banner oil Bonny light traded below $10 during week though it has recovered to trade above $17 but still significantly below the 2020 revised budget benchmark of $30/barrel.

Oil revenue is Nigeria’s main source of foreign exchange as it contributes about 90%.

  • Victor Nnadi discusses CFDs, Forex Indices and Commodities

With Coronavirus pandemic came an unimaginable crisis in the oil industry which has seen the demand for oil slump dramatically. This slump in demand triggered the slump in prices and was fueled by Saudi Arabia Vs Russia oil price war.

Tremendous pressure has been put on the external reserve due to CBN’s effort to avert the devaluation of naira (despite “technical devaluation” in April), these efforts in the form of interventions in the I&E window has resulted in it’s decline to N33.62 billion.

Written by

Ifunanya Ikueze

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