Categories: BusinessNews

Naira Crashes To Lowest Days After CBN Announced New Naira Notes Redesign

Nigeria’s official currency the naira suffered a historic plunge to N775/$ two days after the Central Bank of Nigeria (CBN) announced it was redesigning the 200, 500, and 1,000 naira notes.  

On Friday morning, October 28, 2022, the exchange rate between the naira and the US dollar plunged sharply, trading at a minimum of N775/$1 on the black market, down from N760/$1 on Wednesday when CBN made the announcement.

This is according to information from black market operators in Lagos. 

Advertisement

What the Black market operators are saying

Abu, a black market operator in Lagos, said that he had just witnessed an unexplained jump in demand.

“The market is highly unpredictable; demand is too high. My dollar rate is N775/$, but by tomorrow it may have increased,” he said.
Musa, another operator, said that there had been an increased dollar scarcity because of the unstable prices. He said:

“The dollar price has become too unstable, and it is also difficult to get. I don’t have to sell now, which may be holding out for a higher price.”
Suleiman said the spike in demand started after the CBN announced the introduction of the new naira notes. He said:

Advertisement

“Honestly, I don’t understand the demand. Since the CBN announced the new naira, there has been an increase in demand,” he added. “The man wan scatter everything.” (sic)

Back Story

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), said the redesigned N200, N500, and N1,000 notes would start circulating by December 15, 2023.

Advertisement

The naira redesign simply entails a change in the currency’s appearance and security features. The redesign would not have any impact on the face value of the naira.

Emefiele also believes that redesigning some naira notes would improve the currency’s value and rein in inflation.

 

Advertisement

Credit:  Nairametrics

Facebook Comments
InfoExpert24

Leave a Comment

Recent Posts

Exploring AXA Mansard Health Limited: Your Comprehensive Guide to HMO Plans

AXA Mansard Health Limited, the Health Maintenance Organization (HMO) division of AXA Mansard group of…

2 weeks ago

Nigerian Insurance Industry Database

The landscape of insurance in Nigeria is one that often operates in the shadows of…

2 weeks ago

Zenith Insurance: Product & Services

In the unpredictable journey of life, unforeseen events can strike when least expected. To safeguard…

2 weeks ago

SKYBLUE LOUGE & ACCOMODATION BEGIN OPERATIONS AT TARKWA BAY

Lagos and its surrounding areas are poised to experience a new level of luxury and…

5 months ago

Manchester United Suffer 3-1 Defeat To Brighton as Onana Error Compounds Misery

Manchester United slumped to a disappointing 3 -1 loss against Brighton, adding to Ruben Amorim’s…

5 months ago

UK Probe Finds No Stolen Nigerian Funds Linked to Diezani – Mike Ozekhome

Mike Ozekhome, SAN has dismissed ongoing allegations of corruption against former Petroleum Resources Minister Diezani…

5 months ago