Nigeria’s central bank weakened the naira for the third time this year as the regulator struggles to stem demand for dollars amid lower than anticipated foreign-currency inflows. The apex bank adjusted the rate licensed bureau de change operators can sell the local currency to 392 naira per dollar from 386 naira previously, it said in a circular to dealers on Monday.
The bank adjusted the rate licensed bureau de exchange can sell the Naira to 392 per dollar from 386 before, according to a statement on Monday. According to the CBN, traders will buy the dollar at 390 from 384 and international money transfer will be exchanged at the bank from 388 in Naira per dollar from 382.
This is the third devaluation, first in March and then in July. following significant drop in foreign exchange inflows as oil accounts, which accounts for 90 per cent of foreign exchange earnings,has been hard hit by the COVID-10 disruptions.
The naira traded at 500 versus the dollar on Monday, its lowest since Feb. 22, 2017, according to Bloomberg, quoting abokifx.com, a website that collates parallel market data. The rate is 22% weaker than the current official rate of 390.89 per dollar.
