Naira appreciates at N490/$1 in parallel market after new CBN policy

The naira, on Tuesday, appreciated by 2 percent at N490 per dollar in the parallel market, but weakened by 1 percent at N394 to the dollar in the Import & Export (I&E) window.

This is coming a day after it weakened at N500 to the dollar in the parallel market.

The CBN had, on Friday, announced the devaluation of the naira and urged Bureau de Change (BDCs) in the country not to sell dollars higher than N392 to end users.

“Please be advised that the applicable exchange rate for the disbursement of proceeds of international money transfer service operators (IMTOs), for the period Monday, November 30 to Friday, December 14, 2020, is as follows: IMTSOs to banks – N388/$1; Banks to CBN – N399/$1; CBN to BDCs – N390/$1; BDCs to end-users not more than N392/$1,” it said.

The foreign exchange has come under intense pressure following the decline in crude oil prices, and the COVID-19 pandemic.