Naira crashes to N815 against dollar
The naira has been on a down spiral in the neck market. It has depreciated to N815 per 1 dollar. Barely 2 days ago it was trading at N800 per dollar and as of today, it has depreciated even more.
This is a serious devaluation of naira under the regime of the Nigerian president, president Muhammadu Buhari.
This depreciation happened just a few days after the announcement of the redesign of naira notes. The Central Bank of Nigeria (CBN) has announced this just recently. These new notes will start circulating by the 15th of December.
An explanation to this redesign was given and it was said that this was to reduce excess cash in circulation and check counterfeiting.
As of a few weeks ago, the naira was still trading at N742. Comparing this to the current price of N815, the naira has depreciated by about 8%.
The Bureaux De Change (BDC) operators in Abuja, mentioned that this fall in naira was as a result of increase in demand.
At the official market (bank rates) the naira depreciated by 0.06 percent. It trades at N444.75 as at friday.
The naira has been on a down spiral in the neck market. It has depreciated to N815 per 1 dollar. Barely 2 days ago it was trading at N800 per dollar and as of today, it has depreciated even more.
This is a serious devaluation of naira under the regime of the Nigerian president, president Muhammadu Buhari.
This depreciation happened just a few days after the announcement of the redesign of naira notes. The Central Bank of Nigeria (CBN) has announced this just recently. These new notes will start circulating by the 15th of December.
An explanation to this redesign was given and it was said that this was to reduce excess cash in circulation and check counterfeiting.
As of a few weeks ago, the naira was still trading at N742. Comparing this to the current price of N815, the naira has depreciated by about 8%.
The Bureaux De Change (BDC) operators in Abuja, mentioned that this fall in naira was as a result of increase in demand.
At the official market (bank rates) the naira depreciated by 0.06 percent. It trades at N444.75 as at friday.