Naira Depreciates To N450 Per $1 At Parallel Market

The naira has crashed to N450 to a dollar at the parallel market earlier today as the Nigerian Senate passed the revised 2020 budget sent to it by President Muhammadu Buhari.

Naija News understands that the Naira depreciated against the US dollar on the third working day of the week as it depreciated to N450  to a dollar at the parallel market, after the day’s trading session.

The local currency lost N2 against the dollar, when compared to the N448 to a dollar that is traded on Tuesday, June 9th, 2020.

However, the situation at the parallel market was quite different as the local currency strengthened on Wednesday with an appreciation of N386.94 to a dollar at the Investors and Exporters (I&E) window, after the day’s trading session. The local currency gained N0.14 against the dollar, when compared to the N387.08 to a dollar that is traded on Tuesday, June 9, 2020.

The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1. This is also different from the exchange rate at the parallel market, which depreciated to N450 to a dollar, according to information on AbokiFX as of Wednesday, June 10, 2020.