The Central Bank of Nigeria’s decision to redesign the Naira, the country’s currency, has greatly increased demand in the foreign exchange market.
Eko Hot Blog reports that as more people look to buy dollars to exchange their stashed naira notes, this enormous demand has caused the naira to depreciate even more in the black market.
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Checks revealed that, on Friday, street vendors exchanged dollars for local currency at a rate of N780.
When compared to the N753 reported earlier, this represents a 4.13 percent decrease.
According to FMDQ Securities, the official window exchange rate for the Naira was 444.50 to the USD.
This is a depreciation of 0.64 percent, compared with N441.67 to the dollar it exchanged
The open indicative rate closed at N441.25 to the dollar on Thursday.
An exchange rate of N450.06 was the highest rate recorded within the day’s trading before it settled at N444.50.
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The Naira sold for as low as 425 to the dollar within the day’s trading.
On Thursday, a total of 100.90 million dollars was traded at the official Investors and Exporters window.
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