Naira Rises To N420 Per Dollar in Parallel Market

Updated Tuesday 21 April 2020 23:24

As a fallout of events in the oil market yesterday, the US dollar hit a record high against the Naira in the non-deliverable forward’s markets on Tuesday, April 21, 2020. This was after the US crude futures crashed to negative, a day earlier.

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According to Reuters, a one-year dollar/naira non-deliverable forwards stood at 498.5 points up from Monday’s close of 492.4 as shown by data from Refinitiv.

The Nigerian foreign exchange market is reacting to the negative trend and high volatility in the global oil market.

The continuous plunge in oil demand globally is a result of the lockdowns and restrictions caused by the coronavirus pandemic and concerns over global storage facilities which are rapidly getting filled up with tank owners rejecting storage offers.

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