Naira falls to N412 per dollar

The Naira exchanged for N412 per dollar on Monday at the Bureau De Change (BDC), shedding N10 in one day after selling for N402 last Friday.

The dollar has witnessed low supply in the market in the past few days after BDCs across the country suspended their operations in response to the nationwide efforts to rein in the spread of coronavirus.

After getting the nod of the central bank to proceed on break, the Association of Bureaux De Change Operators of Nigeria last week declared a fortnight holiday across the BDC market.

Read also: Oil prices tumble to 17-year low as Nigeria’s crude fails to attract buyers

Forex sales had been severely affected by a steep plunge in dollar demand owing to the disruption of market and economic activities as well as air travel plans by the COVID-19 outbreak had been, some BDCs confirmed.

Similarly, the value of the Naira had been on a free fall for days on end following the glut-induced slump in the demand for oil in the international oil market where lockdowns in many nations of the world has reduced oil demand significantly.

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