The naira has further crashed against the dollar within 2 days of the announcement by the central bank that the Nigerian currency would be redesigned.
A report by Nairametrics revealed that naira plunged to N775/$, following the CBN decision to change the faces of the 200, 500, and 1,000 naira notes.
The depreciation of the local currency at the black market is attributed to a spike in the demand for the US currency prompted by CBN’s plan.
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/$1 on Wednesday when CBN made the announcement.
This is according to information from black market operators interviewed by Nairametrics.
Our correspondent bought N780/1$ on Friday after. The “Mallam’ said he could not even sell all that he requested because he had many orders already.
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The Naira Further Crashes Against the Dollar
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