The Naira reportedly crashed to N775 against the dollar a few days after the Central Bank of Nigeria revealed its plan to redesign the Naira.
AMBusiness on Wednesday reported that the CBN Governor, Godwin Emefiele said that the bank would release re-designed naira notes by December 15, 2022.
The affected Naira notes are N100, N200, N500, and N1, 000.
However, 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/$1 on Wednesday when CBN made the announcement.
According to Nairametrics, The depreciation of the local currency at the black market was attributed to a spike in dollar demands prompted by CBN’s plan to redesign the naira.
In an interview conducted by Nairametrics, a black market operator in Lagos, Abu said that he had just witnessed an unexplained jump in demand.
“The market is highly unpredictable; demand is too high. My dollar rate is N775/$, but by tomorrow it may have increased,” he said.
