The naira on Friday exchange to the dollar at 475/$ at the parallel market as foreign exchange scarcity persisted.
Continued volatility experienced in crude oil prices and low demand had continued to take its toll on the naira as exchange rate worsened.
The apex bank had earlier expressed its decision to unify the exchange rates in the country as the market defied interventions. She said, “Slight recovery in crude oil prices from $34.8/bn to $43/bn between May 28 and July 18, 2020 provide a little bright spot, although it remains low and volatile, with negative implications for exchange rate stability and fiscal consolidation.
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