Naira Rises N730 To $1 In Black Market

The Nigerian naira has recovered after two weeks of losing ground against major currencies as it recorded gains on the black market on Friday, November 11.

As of the time of this publication, the Naira was worth approximately N730 per $1.

Shortly after the Central Bank of Nigeria (CBN) announced intentions to redesign high-value currency notes of N200, N500, and N1,000 and reissue them starting December 15, the Nigerian Naira hit an all-time low of approximately N850 to the US dollar on the black market.

The CBN asked Naira currency holders to pay their currency notes to the banks before January 31, 2023, when the old currency notes would no longer be accepted.

Since the announcement, some Nigerians have started depositing their naira cash in banks, and many more have started saving in dollars, cutting down on the amount of dollars accessible from black-market bureau de change operators.

In response to the Naira’s appreciation, the Institute of Chartered Accountants of Nigeria (ICAN) expressed concern about the pressure the Naira is under from the US currency.

ICAN President Mallam Tijjani Isa, during a briefing to commemorate International Accounting Day 2022 on Thursday in Lagos, said, “As a nation, we must find a permanent solution to the forex crisis if we are to develop at the desired pace.