The naira suffered a historic plunge 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.
Nairametrics anticipated that the policy move by the apex bank would force some people to convert their naira into dollars.
Abu, a black market operator in Lagos, told Nairametrics that he had just witnessed an unexplained jump in demand.
Musa, another operator, told Nairametrics that there had been an increased dollar scarcity because of the unstable prices. He said:
Suleiman said the spike in demand started after the CBN announced the introduction of the new naira notes. He said:
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