Dollar exchanges for N374

The naira exchanged to the dollar for between N372 and N374 at the bureau de change segment of the market on Thursday.

The naira had recently suffered some beating due to the impact of the coronavirus in the global economy, which led to the fall in the international crude oil price.

For more than three years, the exchange rate had been stable at about N360 to a dollar, due to interventions by the Central Bank of Nigeria.

However, the CBN had said it had not devalued the naira, and that market fundamentals did not support naira devaluation at this time.

It stated that it was working with the fiscal authorities to properly and accurately dimension the immediate and expected impacts of the coronavirus in order to respond comprehensively and at the same time, ensure a sound and stable financial system.