Naira falls heavily to N780 after CBN announcement to redesign naira

The move by the Central Bank of Nigeria (CBN) to redesign the nation’s currency, the Naira, has created a huge demand in the forex exchange market.

This huge demand has depreciated Naira further at the parallel market as more persons look to buy dollars to exchange their stashed naira notes.

Checks by Ripples Nigeria showed that traders on the street exchanged the local currency at N780 per dollar on Thursday.

This represents a 4.13 per cent drop when compared to the N753 reported on Wednesday.

READ ALSO:Northern group faults CBN over planned redesign of Naira notes

FMDQ securities reports that Naira exchanged at 444.50 to the dollar at the official window.

This is a depreciation of 0.64 per cent, 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.

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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