Nigeria Naira In Shambles As Price Of Crude Oil Falls Below Zero

The U.S. dollar goes high against the Nigerian naira in non-deliverable forwards markets on Tuesday 21 April 2020.

This is coming after a historic oil price rout which pushed U.S. crude futures below zero, that is, in the negative on Monday.

One-year dollar/naira non-deliverable forwards stood at 498.5 points, up from Monday’s close of 492.4, Refinitiv data showed.

Hence, the Nigerian naira fell to a new low of 420 per dollar on the black market on Tuesday. This being the result of the historic oil price rout.

The currency has been hitting new lows on thin volumes on the over-the-counter spot market since last month after the central bank adjusted the naira’s official rate, implying a 15% devaluation.

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