Home Business Dollar Crashes At Parallel Market To N730

Dollar Crashes At Parallel Market To N730

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Dollar Crashes At Parallel Market To N730

Dollar Crashes At Parallel Market To N730

The naira, which has been falling against major currencies in the past two weeks, has staged a comeback, recording gains on the parallel market as it exchanged for about N730 to a dollar on Thursday.

Recall that the Nigerian currency hit an all-time low of about N850 to the US dollar on the black market shortly after the Central Bank of Nigeria (CBN) announced plans to redesign high-value currency notes of N200, N500 and N1,000 and reissued from December 15.

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CBN said the affected currency notes will cease to be accepted after January 31, 2023, and asked currency holders to pay their currency notes to the banks before then.

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