The depreciation of the local currency at the black market was attributed to a spike in dollar demands prompted by CBN’s plan to redesign the naira.
The naira has crashed against the dollar.
A report by Nairametrics revealed that naira plunged 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 interviewed by Nairametrics.
The depreciation of the local currency at the black market was attributed to a spike in dollar demands prompted by CBN’s plan to redesign the naira.