Again, Naira Crashes To N900 Against Dollar

Nigeria’s currency, the Naira, has again fallen to N900 against the US Dollar at the parallel market, Naija News learnt.

A Bureau De Change Operator, Ahmed Gazali, reportedly confirmed the latest rate to Daily Post on Thursday morning as an update from the exchange rate for the previous day, Wednesday, August 23, 2023.

The Naira was said to have traded at N773.42 in the official market against the Dollar. A figure representing a marginal depreciation of 0.35 per cent compared with N770.72, the Naira traded against the Dollar on Tuesday.

The development is coming barely 48 hours after the resumption of the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.

Earlier, Naija News reported that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N885 and sell at N890 on Wednesday, 23rd August 2023.

The reported figure was confirmed by sources at the Bureau De Change (BDC).

CBN Reveals How Much It Spent To Print, Distribute Naira Notes In 2022

Meanwhile, the Central Bank of Nigeria (CBN) has said it spent N96.46 billion to print and distribute new naira notes in 2022.

Naija News reports that the apex bank made this known in its recently released audited financial statement for the year ended December 31, 2022.

In the report, the CBN said: “Currency issue expenses relate to expenses incurred in relation to the printing, processing, distribution, and disposal of currency notes. This is recognised at cost when incurred.”

In October 2022, the suspended CBN governor, Godwin Emefiele, announced plans to redesign the N200, N500, and ₦1,000 naira bills and gave a deadline of January 31, 2023, to Nigerians to hand in all their old notes.

However, the apex bank extended the deadline to February 10. However, not enough of the new notes were released.

The situation prompted citizens across the country to take to the streets to protest the hardship caused by the naira scarcity.

But in March 2023, the Supreme Court invalidated the naira redesign policy introduced by the central bank, ruling that the old N200, N500, and ₦1,000 notes would remain as legal tender until December 31, 2023.