The decision of the Central Bank of Nigeria to redesign the Naira notes is yielding positive results as the price of the dollar continues to depreciate at the black market while the naira appreciates.
Viewfinder investigation from black markets in Abuja, Lagos and Kano is indicating that, the price of dollar will further depreciates in few days to come.
Recent reports which indicate that, the exchange rate between the naira and the US dollar appreciated by 8.72% on Friday, 11th November 2022 to close at N680/$1 from N745/$1 recorded on Thursday according to information from black market traders who spoke to Nairametrics.
Although, as at today Saturday 12th November, 2022 the exchange rate fluctuates between the naira and the US dollar appreciated to N700- N710/$1 but black marketers are saying that, naira is likely to appreciate to N500/$1 towards the deadline given by the Central Bank of Nigeria.
Also, we have learnt un authoritatively that, CBN has met with some Bureau-de-Change (BDC) operators in the country and it was agreed that, in order to strengthened the naira notes successful BDC operators that have complied with the its guidelines will be given forex from next week.
