Naira gains to N820/$1 at parallel market

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Gauging the forex market
Gauging the forex market

There was an appreciation of the naira against the dollar at the parallel market on Wednesday  after dipping to a new record low of N885 per dollar on Monday. According to traders, the local currency, which has been on a free fall at the parallel market since the Central Bank of Nigeria’s (CBN) announcement of its naira redesign plan a fortnight ago, strengthened to N820/$1 on Wednesday amid increased supply of foreign exchange. New Telegraph gathered that the surge in demand for dollars, triggered by the naira redesign plan, appears to have tapered off as traders expect the naira’s value to further head north in the coming days.

On October 26, CBN Governor, Mr. Godwin Emefiele, announced that the apex bank was set to change the design of three- N200, N500 and N1,000-of the eight existing denominations of the country’s legal tender.

He said that the new currency notes will become legal tender as from December 15, 2022, adding that the old and new notes will circulate concurrently for a period of 45 days up until January 31, 2022, when the former will cease to be legal tender.

 

Emefiele explained that the move was aimed at checking the increasing ease and risk of currency counterfeiting evidenced by several security reports, and the increased risk to financial stability as well as the worsening shortage of clean and fit currency, with the attendant negative perception of the central bank.

 

 

 

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Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

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