Friday, December 4, 2020

Naira weakens to 470/dollar despite CBN interventions

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The naira weakened to 470 against the United States dollar in the parallel market yesterday despite the interventions of the Central Bank of Nigeria in the official window.

The nation’s currency had traded at N465, N466 and N468 against the greenback on Tuesday, Wednesday and Thursday respectively. But it fell on Friday to its weakest level in more than a month.

The naira closed at 382.10 per dollar on the spot market, where the CBN sells limited amounts of the greenback to importers.

The CBN resumed sales to licensed Bureau de Change operators in September after the Federal Government opened up international travel following the lifting of COVID-19 restrictions.