The Naira continued its free fall at the parallel market on Monday as it exchanged for N815 per dollar, OduNews reports.
Bureaux De Change (BDC) operators in the Abule Egba, Agege and Ijaiye areas of Lagos traded the currency between N805 and N810 amid an increase in the demand for the greenback among Nigerians.
This development comes a few days after the Central Bank of Nigeria (CBN) announced that it has redesigned some naira notes and will start circulating them by December 2022.
The apex bank had explained that it took the decision to reduce excess cash in circulation and check counterfeiting.
At the official market, the naira depreciated by 0.06 per cent against the dollar to close at N444.75 on Friday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official FX trading in Nigeria.
An exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N444.75.
It sold for as low as N438 to the dollar within the day’s trading. A total of $61.89 million was traded in foreign exchange at the official investors and exporters window (I & E) window.
