See New Rate As Naira Gains Further In The Black Market

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Dollar crashed massively on Saturday as Naira continued to gain in the black market.

Gatekeepers News reports that the US dollar fell further on Saturday, November 12, 2021, trading at ₦620 according to our source who is not sure what would happen in the coming days.

The Dollar has been on the rise in recent times especially following CBN’s decision to redesign the Naira. Earlier on Thursday November, 10 the Naira exchanged at ₦760 per $1 from the ₦870 it started the week.

The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at ₦444.42 per dollar on Thursday, November 10, 2022, and closed at ₦446.10 per $1 on Thursday, November 10, 2022.

The development comes weeks after the CBN said it has decided to redesign ₦200, ₦500 and ₦1000 notes.

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The apex bank Governor, Godwin Emefiele said the CBN will begin circulation of the new currency on December 15, 2022, and Nigerians are urged to begin paying into their bank accounts the existing currency to enable them to withdraw the new banknotes once circulation begins.

Emefiele also added that bank charges for cash deposits have been suspended with immediate effect, “for the purpose of this transition from existing to new
notes.”

He explained that the decision was because the “CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.”

Disclaimer: Gatekeepers News does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.



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