Naira and Dollar

Naira and dollar

The naira recorded a loss against the dollar to close N487/$1 at the parallel market on Wednesday, November 25, 2020.

This comes after the Central Bank of Nigeria Governor, Godwin Emefiele alleged that the black market is a tainted market used for bribe and corruption.

He said the Nigerian official exchange rate should not be determined by the rate at the parallel market.

The CBN, a few days ago relaxed its earlier policy on banning third parties from having access to foreign exchange routed through Form M.

However, the Naira also depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N393.25/$1.

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