Hope for Naira as N730 trades for 1 Dollar

The Nigerian Currency, Naira, has finally gained against the dollar with 1 dollar now trading for 730 naira on Friday, November 11, 2022.

This comes as a shock to many as the naira had been falling steadily against other currencies for the past two weeks following the announcement to redesign the high-value currency notes of N200, N500 and N1,000 by the CBN Governor. They would be reissued from December 15.

As at press time, the Naira exchanged for about N730 to a dollar. The Nigeria had fallen to an all time low of 850 naira.

Reacting to the appreciation of the naira, the Institute of Chartered Accountants of Nigeria (ICAN) says it is worried about the pressure the naira is facing from the US dollar.

ICAN president, Mallam Tijiani Isa, speaking on Thursday in Lagos during a briefing to commemorate the International Accounting Day 2022 said;

“As a nation, we must find a permanent solution to the forex crisis if we are to develop at the desired pace,” he said.