Naira falls to N515/$ in forward market and N405/$ at the parallel market

Nigeria’s one-year currency forward posted its biggest drop in more than a decade on Monday, as the Central Bank of Nigeria adjusted the naira’s official rate and the country recorded its first death from the Coronavirus outbreak.

The Naira, which depends on oil earnings for about 90% of foreign exchange earnings, has depreciated against emerged markets currencies like the American dollar.

Oil prices fell today as political leaders around the world escalated lockdowns to curb the spread of the global coronavirus pandemic that has plunged the demand outlook for oil and threatened global economic growth.

4At the parallel market the Naira exchanges between N403/$ and N410/$ depending on the city and dealer.