Market News

The Naira has gained massively in the black market following the Central Bank of Nigeria’s plan to redesign the local currency.

Reports suggest that the exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at 444.00 naira per dollar and closed at 445.67 naira per $1 on Wednesday.

It was also observed that the Naira has steadily been gaining against the greenback

Earlier on Thursday, the naira exchanged at 760 naira per $1 from the 870 naira it started with this week.

However, further enquiries from BDC sources reveal that the Naira has continued to gain as it later exchanged for N710/$ and now currently trading at N650/$ according to another source.

As part of efforts to ensure full compliance with the Naira redesign deadline, the Central Bank of Nigeria has directed banks to accept cash deposits beyond cashless policy threshold.

Director, corporate communications department of the CBN, Mr Osita Nwanisobi, disclosed this at the CBN’s special day at the ongoing 2022 Lagos international trade fair.

The CBN cashless policy stipulates a daily cumulative limit of N500, 000 and N3, 000,000 withdrawals and lodgments by individual and corporate customers respectively, without charges.

Mr Osita said the new and existing currencies will remain legal tender and circulate together until January 31, 2023.