Naira falls to 800 per dollar after CBN announces plan to redesign notes

The Nigerian currency, Naira, has crashed to 800 per dollar on the black market following the announcement by the CBN to redesign the notes.

According to verified sources, the current parallel market rate is N800 to a dollar and N890 to British pound sterling.

Experts had warned that the CBN’s new policy might see an increase in demand for dollar as people would rush to exchange their stashed naira to avoid it becoming useless.

This seems to be the case with the naira crashing further despite the CBN’s ban of Bureau the Change operators.

In other news, the minister of finance Zainab Ahmed has disowned the CBN’s move to redesign the naira notes, claiming that the ministry was not aware of such plans.

The minister made this known during the 2023 budget defence session with the Senate Committee.