Dollar falls to N730 on parallel market

Dollar falls to N730 on parallel market 1
Dollar falls to N730 on parallel market

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The naira, which had been declining versus currency pairs for 2 weeks, rose on the secondary market on November 11.

N730 to a dollar at noon today.

On the black market, the Nigerian naira touched a whole value of N850 to the US dollar after the Central Bank of Nigeria (CBN) revealed its intention to redesign N200, N500, and N1,000 notes on December 15.

Soon after the Central Bank of Nigeria (CBN) revealed intentions to redesign high-value currency notes of N200, N500, and N1,000 and reissue them starting December 15, the black market value of the Nigerian currency plummeted to about N850 to the US dollar.

Naira currency holders were asked by the Central Bank of Nigeria (CBN) to deposit their notes into banks by January 31, 2023, as CBN declared that the impacted currency notes would no longer be accepted after that date.

There has been a decrease in the availability of dollars at the black-market bureau de change since the news, as some Nigerians have begun depositing their naira cash in banks and many more have begun to save in dollars.

The Association of Chartered Accountants of Nigeria (ICAN) has voiced concern over the influence the US dollar is exerting on the Nigerian naira in response to the naira’s improvement.

Speaking at a press conference in Lagos on Thursday to mark International Public sector accounting Day 2022, ICAN chairman Mallam Tijjani Isa remarked;

He stated;

“As a nation, we must find a permanent solution to the forex crisis if we are to develop at the desired pace,”.

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