Naira in another record fall as CBN moves to replace naira notes

Naira fell significantly at both the black and official markets less than 48 hours after CBN announced rebranding of naira notes.

Official market rates published on FMDQ websites, where forex is officially traded, showed the naira closed at N444.75 per dollar on Friday—the lowest rate it has exchanged at the segment.

In the unauthorised street market across states in Nigeria, the galloping of the greenback currency against the dollar lingers. Analysts say the move by the apex bank is the reason behind the further devaluation of the Naira at the black market as holders of illicit funds try to convert cash stacked outside of banks to dollars, further driving up the exchange rate.

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