The exchange rate of the Nigerian Naira exchanged to the dollar is between N372 and N374 at the Bureau De Change segment of the market on Thursday, March 19th, 2020.

The Naira had recently suffered some setback following to the impact of the coronavirus outbreak in the global economy, which precipitated the drastic drop in the international crude oil price.

For over three years, the exchange rate had stabilized at about N360 to a U.S. Dollar, as a result of the Central Bank of Nigeria’s interventions.

However, the Central Bank had said it did not devalue the Naira, and that market fundamentals did not support Naira devaluation at the moment.

CBN stated that it was working with the fiscal authorities to adequately and accurately dimension the immediate and expected coronavirus’ impacts, so as to properly respond and at the same time, ensure a stable and sound financial system.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.