Dollar to Naira exchange rate: Significant progress against the US dollar has been recorded by the Nigerian naira, currently being sold at around N480-N485 to one dollar as of December 3, 2020, depending on location.
The progress is remarkable and the appreciation is due to the recent CBN policy that allowed citizens to withdraw their international remittances from household accounts, according to industry watchers.
The naira to dollar exchange rate was already tending towards N500/$1, but it seems that the falling trend was successfully arrested.
But the new rules introduced by the Central Bank of Nigeria on Monday November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the naira.
Hence, those hoarding foreign exchange are now been forced to sell their cash to avoid losing more money.