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Naira Continues Downward Slide At Parallel Market

Although business owners in Nigeria predicted that the Naira will gain on the dollar in the fourth quarter of 2020 despite the downturn in the third quarter according to the Business Survey Report published by the Central Bank of Nigeria (CBN), the Naira has nonetheless continued to fall in the parallel market through the month of November, the second month in Q4.

Through last week, from the beginning of the second business week on November 9 to 13, the Naira depreciated against the dollar. On November 9, the Naira opened at N464/ dollar and closed at N465/ Dollar, maintaining that rate to closed at N466/ Dollar November 11 and on November 12 moved to N467/Dollar, finally closing at the rate of N468/ Dollar. On November 13, the Naira fell again, closing at N470/Dollar. The British Pound opened at N596/Pound at the beginning of last week and closed at N600/ Pound on Friday, November 13, going lower to N605/ Pound last Friday.

For the Euro, the valuation was a bit strong and the Naira held its ground relatively, opening at N543/Euro on November 9 and closing at 545/euro on November 13.

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