Naira has gained massively in the black market following the Central Bank of Nigeria (CBN)’s plan to redesign the local currency.
Gatekeepers News reports that the exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at ₦444.00 per dollar on Wednesday, November 9, 2022, and closed at ₦445.67 per $1 on Wednesday, November 9, 2022.
In a survey conducted by Gatekeepers News on activities of Bureau De Change (BDC) operators in Lagos and Abuja, it was observed that the Naira has steadily been gaining against the greenback. Earlier on Thursday 10, November, the naira exchanged at ₦760 per $1 from the ₦870 it started with this week.
However, further enquiries from our BDC sources reveal that the Naira has continued to gain as it later exchanged for ₦710/$ and now currently trading at ₦650/$ according to another source.
The development comes weeks after the CBN said it has decided to redesign ₦200, ₦500 and ₦1000 notes.
The apex bank Governor, Godwin Emefiele said the CBN will begin circulation of the new currency on December 15, 2022, and Nigerians are urged to begin paying into their bank accounts the existing currency to enable them to withdraw the new banknotes once circulation begins.
Emefiele also added that bank charges for cash deposits have been suspended with immediate effect, “for the purpose of this transition from existing to new
notes.”
He explained that the decision was because the “CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.”
Disclaimer: Gatekeepers News does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
