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Central Bank of Nigeria, CBN devalued the Naira three times in 2020
In August the CBN reopened forex trade to Bureau de Change operators after a halt in March to evaluate the COVID-19 lockdown. The CBN in a circular – which proved a second devaluation of the naira – instructed forex dealers to sell to end-users at N386/$1.
The FMDQOTC NAFEX market website has now confirmed that the naira official exchange rate has been devalued again to N390/$1 in November.
BDC operator will get dollars from the CBN at N390/$1 and each is entitled to $10,000 weekly. End users get N392/$1 as per the instructions from the CBN.
Naira exchange rates
1. International Money Transfer Operators – banks, N388/$1
2. Banks – CBN, N399/$1
3. CBN – BDCs, N390/$1
4. BDCs – end-users, N392/$1
On Friday after the circular by the CBN was released, the naira reached a high of about of N400/$1 and closed at the rate of N390.25/$1.
Dr O.S. Nnaji, Director of Trade and Exchange, CBN signed the circular which says the new rate caps the period Monday, November 30 to Friday, December 14, 2020.
The exchange rate at the parallel market according to AbokiFX this Monday morning is N490/1.
CBN is looking to accomplish forex unification demands from the International Monetary Fund (IMF) and the World Bank.
This will most likely get it the $1.5 billion loan request from the World Bank and $3.4 billion loans which it seeks from the IMF.
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