News Top Stories

Naira appreciates to 780/$ at parallel market over new notes

CBN frets over apathy to return old notes to banks’ vault …vows to enforce cashless policy

The naira appreciated at the parallel market yesterday hours after President Muhammadu Buhari and the Central Bank of Nigeria (CBN) unveiled the new naira notes. In a chat with New Telegraph, a currency dealer in the Ogba area of Lagos State said that the exchange rate between both currencies fell to N780/$1 on Wednesday evening.

Findings by New Telegraph revealed that the rate to exchange the United States dollar was N785 on Tuesday evening, indicating the naira appreciated by 0.6 per cent, representing a N5 drop in value of the dollar. The dealer noted that the depreciation in dollar value coincided with the unveiling of the new naira notes, which carried new colours but maintained the images, designs, and inscriptions on old notes.

It had been reported that the decision of the central bank to redesign the naira would lead to too much naira chasing the small amount of dollars in the black market wheresomepeople, whocan’t stand the rigours associated with official exchange rate often get the greenback. Recall that a former Deputy Governor of CBN, Kingsley Moghalu, had stated that “people who are holding huge amounts of cash outside the banking system for nefarious reasons will go the parallel forex market to buy hard currency, putting further downward pressure on the value of the naira as too much naira would be chasing too few dollars.” However, since CBN revealed its plan to change the naira, the Nigerian currency has been fluctuating in the black market for a number of reasons.




Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...




%d bloggers like this:
Fake Richard Mille Replica Watches, The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica